Volatile mortgage rates jumped back to the mid-5% level this week, slowing down the housing market, according to the latest survey from Freddie Mac.

The 30-year fixed-rate mortgage increased 42 basis points this week to an average of 5.55%, up from last week’s 5.13%. A year ago this time, rates averaged 2.87%. The index compiles purchase mortgage rates reported by lenders during the past three days.   

“The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market,” Sam Khater, chief economist at Freddie Mac, said in a statement. “Home sales continue details ⇒

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