Mortgage rates reach 5% for first time in over a decade

The 30-year fixed-rate mortgage sits at 5%, up from 4.72% last week, according to Freddie Mac’s latest weekly Primary Mortgage Market Survey. At this time last year, the average was at 3.04%. The Fed has signaled more increases will come as the central bank tries to cool inflation, which is currently at a 40-year high. The pursuit of homeownership is now ‘the most expensive in a generation,’ said Freddie Mac’s chief economist Sam Khater, who said the pursuit of home ownership is ‘the pursuit of a generation’ The average interest rate for America’s most common home loan has reached a high not seen in more than 10 years, Freddie Mac said Thursday. Economists expect rates to climb further throughout the year. . . .