Mortgage Rates Hit Highest Level In Over A Decade
The 30-year mortgage rate has reached 5%, rendering homeownership more expensive for American families.
According to government-backed mortgage company Freddie Mac, 30-year fixed-rate mortgages rose 0.28% in a single week and nearly 2% since this time last year.
“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,” the company’s website explained.
Realtor.com economist George Ratiu told The Wall Street Journal that, as of one year ago, purchasing the median American home at prevailing rates implied a monthly mortgage bill of about $1,223 after a 20% down payment. Today, the same purchase would imply a monthly payment of nearly $1,700—a 38% increase, he estimated.- READ MORE
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