Mortgage Rates Hit Decade-High

  • by:
  • 03/02/2023

The interest rate for the 30-year fixed-rate mortgage hit a ten-year high of 5 percent Thursday.

The rate on the most popular U.S. mortgage rose nearly 2 points from 3 percent a year ago, according to the latest numbers from Freddie Mac, per The Hill.

Indeed, the last time the 30-year fixed rate mortgage hit 5 percent was in 2011.

Fifteen-year fixed-rate mortgages averaged 4.17 percent this week, up from 3.91 percent last week and 2.35 percent a year ago.

“This week, mortgage rates averaged five percent for the first time in over a decade,” Sam Khater, Freddie Mac’s chief economist, said. “As 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.”

Image: by is licensed under
ADVERTISEMENT

Opinion

View All

Ukraine strikes Russian radar station reportedly able to track ATACMs provided by US

The move comes amid increasing pressure from Ukraine to gain permission from US officials to use Amer...

Restaurant owner attacked by group of violent youths who have taken UK village 'hostage'

"I tried to explain to them they are not public toilets. That's when I was punched."...

EXCLUSIVE: General Mike Flynn reports military families are dissuading their children from enlisting

"There's no safe space that you can go to if you're behind a wall being shot at by some enemy who's t...

UK Met office accused of altering climate data to support climate change narrative

“If we could reduce the ocean blip, say .0.15°C, then this would be significant for the global mean.”...