Mortgage Rates Hit Five Percent for the First Time in Over Ten Years

Due to a hot housing market, mortgage rates continue to increase yearly, culminating in the highest mortgage rate since 2011.

According to Sam Khater, Freddie Mac’s Chief Economist, “This week, mortgage rates averaged five percent for the first time in over a decade. Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.”

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