Home mortgage rates just hit 5% for the first time in more than a decade. That means the monthly cost of buying a typical home has surged by more than a third over the past year.
IRVINE, Calif. -- For the first time in more than a decade, 30-year home mortgage loan rates hit 5%.
"If we don't see an end to this inflationary period, we're gonna have it for a while. Inflation is a killer to interest rates. We're going to see higher rates. They're going to go into the fives. They're gonna possibly go as high as six, six-and-a-half, I expect in the sixes," Williamson said. This is a trend Williamson has seen for at least the last year- first-time home buyers eating inventory.
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