Mortgage Rates Hit 5% for the First Time in Over a Decade

Average mortgage rates hit a new high over the past week, with the 30-year Freddie Mac benchmark reaching 5% for the first time in over a decade.

The 30-year fixed rate mortgage average came in at 5% for the weekly period ending April 7, according to Freddie Mac’s Primary Mortgage Market Survey, up 28 basis points from 4.62% seven days earlier. As recently as mid March, the average stood below 4%. One year ago, the 30-year rate stood at 3.04%.

“Rates increased in response to the hawkish Federal Reserve, while economic data continues to show strong labor markets and inflation pressures,” said Paul Thomas, vice president of capital markets at Zillow, in a research blog post.

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