The average rate on the popular 30-year fixed mortgage just crossed 5%, for the first time 2011, save two days in 2018. It stood at 3.38% one year ago today.
Highlights
- The average rate on the popular 30-year fixed mortgage just crossed 5%, now standing at 5.02%.
- This is the first time it has crossed that threshold since 2011, save two days in 2018.
- It stood at 3.38% one year ago today.
- Mortgage News Daily: This is first time rate has crossed 5% since 2011.
- The rate has been climbing since the start of the year due to the Federal Reserve’s policies to curb inflation as well as the global economic turmoil resulting from the Russian invasion of Ukraine.
- The market was already having a rough morning after comments from Federal Reserve Vice Chair Lael Brainard hit bonds hard.