Mortgage rates top 5% — and loan applications are taking a hit

The average interest rate for a 30-year mortgage has now topped 5%, the highest point in more than a decade. The sudden rise has cooled interest in home loans, and some experts are predicting home sales could slow this year as some buyers get priced out of the market.

Interest rates rose to 5.08% on April 6, according to Mortgage News Daily, although the Mortgage Bankers Association listed average rates at slightly lower, at 4.90%. That's up from 4.67% last week and an increase of about two percentage points from a year earlier. 

The average home loan rate hasn't topped 5% since January 2010, according to Freddie Mac data.