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.”