The week in housing was one of great challenges, with mortgage rates cracking the 5 percent level while homeowners faced an uptick in property taxes and state attorneys general demanded that mortgage services drop their convenience fees charged to borrowers.
High-Five
Freddie Mac reported the 30-year fixed-rate mortgage averaged 5 percent on April 14, up from last week when it averaged 4.72 percent; one year ago, it averaged 3.04 percent.
The 15-year fixed-rate mortgage averaged 4.17 percent, up from last week when it averaged 3.91 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.69 percent.
“This week, mortgage rates averaged five percent for the first time in over a decade,” said Sam Khater, Freddie Mac’s chief economist. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of home-ownership the most expensive in a generation.”
…