Mortgage rates are rising faster than they have in more than a decade
CBSN
The interest rate on a 30-year mortgage, the loan most Americans use to buy a home, has surged to 4.8% from 4.5% just a week ago — the fastest increase in more than a decade.
Mortgage rates haven't risen this quickly since February 2011, according to the Mortgage Bankers Association. That is compounding the difficulty of buying a home, with Mike Fratantoni, the trade group's chief economist, also noting the shortage of properties for sale. The 4.8% rate on a standard loan is the highest since December 2018.
The 0.3% jump in rates from last week would cost a homebuyer using a conventional 30-year mortgage to buy a median-priced home an additional $300 a month, Nadia Evangelou, senior economist and director of forecasting for the National Association of Realtors, told CBS MoneyWatch.
