Mortgage rates have increased to the highest level since 2018, putting a significant strain on families looking to purchase a home this spring.
The average rate on a 30-year fixed-rate mortgage was 4.72% as of the week ending April 7, Freddie Mac FMCC reported Thursday, up from 4.67% a week earlier. The last time the interest rates on home loans were this high was in the fall of 2018.
This is the sixth consecutive week in which mortgage rates have increased. And over the past three months, they have risen 1.5 percentage points. This represents the fastest three-month increase in rates since 1994, Freddie Mac chief economist Sam Khater said in the report. Overall, the surge in mortgage rates is beginning to encroach on home-buying demand. Mortgage application data shows that applications for loans used to purchase homes are down 9% from a year ago, according to the most recent numbers from the Mortgage Bankers Association.
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