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    Home » US Mortgage Rates Reaches 5% for First Ever in More than 10 Years
    Indices News

    US Mortgage Rates Reaches 5% for First Ever in More than 10 Years

    April 14, 20221 Min Read
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    The interest rate on US-most popular mortgages rose 5% for the first time in over a decade, extending a rapid increase that has yet to slow down the housing market.

    • Interest on the average 30-year fixed-rate mortgage rose from 4.72% a week ago to its highest level since early 2011. Fifteen months ago, mortgage rates stood at an all-time low.
    • Rates’ fastest three-month surge since 1987 has led to the housing market being ground zero for Fed’s efforts to control inflation.
    • Homebuyers are struggling with a significant increase in financing expenses, further expanding monthly payments.
    • Earlier year, purchasing the median American home at prevailing rates signaled a monthly mortgage bill of nearly $1,223 after making a 20% down payment.

    Interest rates are soaring in the economy, upgraded by the Fed’s plans to hike benchmark overnight-lending costs and cool its support for bond markets.

    DXY up +0.52%, EURUSD down -0.61%

    Source: The Wall Street Journal

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