Mortgage Rates Hit 5% for First Time Since 2011
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Mortgage Rates Hit 5% for First Time Since 2011
The monthly cost of buying a typical home has surged by more than a third over the past year by one estimate, yet demand remains robust
Related Video: The average U.S. home earned more last year than the average American worker. Prices for homes, groceries and gas are rising faster than Americans’ wages and that may be why sentiment and confidence have been so low recently. WSJ’s Dion Rabouin explains. Photo: Joe Raedle/Getty Images
Updated April 14, 2022 4:37 pm ET
The interest rate on America’s most popular mortgage hit 5% for the first time in more than a decade, extending a sharp rise that has yet to significantly slow the red-hot housing market.
Interest on the average 30-year fixed-rate mortgage climbed from 4.72% a week ago to its highest level since early 2011, government-mortgage company Freddie Mac said Thursday. Fifteen months ago, mortgage rates were at all-time lows.
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