Mortgage rates surged to 5.27% over the last week, the highest average since 2009, according to the latest Freddie Mac PMMS.

This week’s average purchase mortgage rate rose 17 basis points from the prior week’s 5.10%. A year ago at this time, 30-year fixed-rate purchase rates were at 2.96%. The government sponsored enterprise’s index accounts for purchase mortgages reported by lenders over the past three days. 

According to Sam Khater, Freddie Mac’s chief economist, while mortgage rates are rising, house price appreciation will decline later in the year. 

“Mortgage rates resumed their climb this week as the 30-year details ⇒

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