US mortgage rates cross 5% for first time in a decade

The 30-year fixed rate has reached the 5% mark, hitting its highest level in more than 10 years as inflation continues to soar.

Freddie Mac’s weekly primary mortgage market survey showed that the average 30-year fixed-rate mortgage jumped to 5% as of April 14 from 4.17% the week prior. A year ago, the benchmark mortgage rate was just 3.04%.

“This week, mortgage averaged 5% for the first in over a ,” said Sam Khater, Freddie Mac’s Chief Economist. “As Americans contend with historically high inflation, the combination of rising mortgage , elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.”