Average long-term U.S. mortgage rates continue to climb again this week, with interest rates for key 30-year mortgage loans hitting their highest level since 2009, according to Freddie Mac on May 12.
The news adds more financial strain on potential home buyers, as the competitive spring and summer markets heat up.
Forty-year high inflation, rising mortgage rates, elevated home prices, and decreased available housing stock, have made homeownership less attainable for first-time buyers.
The 30-year rate jumped up to 5.3 percent from 5.27 percent last week, compared to the average rate of 2.94 percent a year ago.
Meanwhile, the average rate on 15-year, fixed-rate mortgages, which is popular among those refinancing their homes, dipped to 4.48 percent from 4.52 percent last week and was at 2.26 percent a year ago.
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