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It’s official: Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage is 5%.
“This week, mortgage rates averaged five percent for the first time in over a decade,” Sam Khater, Freddie Mac’s chief economist, said. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation."
The 15-year fixed rate mortgage also climbed to 4.17%. A year ago at this time it was 2.35%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.69%. That’s up from 2.8% a year ago.
The Primary Mortgage Market Survey is focused on conventional, conforming and fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.