The average rates in recent months have been showing the fastest pace of increases since 1994.
The average 5% rate on the 30-year mortgage was up from 4.72% last week, mortgage buyer Freddie Mac reported Thursday. By contrast, a year ago the 30-year rate stood at 3.04%.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, jumped to 4.17% from 3.91% last week. With inflation at a four-decade high, rising mortgage rates, elevated home prices and tight supply of homes available for sale, the goal of homeownership has become the most expensive in a generation, Freddie Mac says. And this comes as the spring homebuying season begins.
Home prices are up about 15% over the past year and as much as 30% in some cities. Available homes had been in short supply even before the coronavirus pandemic started just over two years ago.A government report Wednesday showed that the surging cost of energy pushed up wholesale prices a record 11.2% last month from a year earlier — another sign that inflationary pressure is widespread in the U.S. economy. Energy prices, which soared worldwide after Russia’s Feb.
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