Mortgage rates rise, inching closer to 5%

By Anna Bahney, CNN business

Updated 10:32 AM EDT, Thu April 7, 2022

Mortgage rates rose again this week, inching closer to 5%. The 30-year fixed-rate mortgage averaged 4.72% in the week ending April 7, up from 4.67% the week before, according to Freddie Mac. That’s the highest since December 2018.

Rates have jumped this year at a pace not seen in decades.

“Mortgage rates have increased 1.5% points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s chief economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20% from a year ago.”

https://www.cnn.com/2022/04/07/homes/us-mortgage-rates-april-7/index.html?fbclid=IwAR0xOKK-cQZYcPIFts0MjseidiAIWbliqkSLKBvqA_c3sWQ1lwOR1KK29KI