30-year Fixed Mortgage Surpasses 5%

This past week, the average rate on the popular 30-year fixed mortgage surpassed 5%, reaching 5.02%, according to Mortgage News Daily. This is the first time it has crossed that threshold since 2018. This comes as mortgage rates have been steadily rising since the start of the year in part due to the Federal Reserve’s policies to control inflation as well as the effects of the Russian invasion of Ukraine. Overall, prospective homebuyers are experiencing the priciest housing market in recorded history. This is supported by a CoreLogic report released on April 5 depicting that home prices are up 20% from a year ago which is the 12th consecutive month of annual increases. Read more.