Mortgage Rates Hit 5% for First Time Since 2011
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.
