General World News

Purchase mortgages cross dreaded 5% threshold

The 5% threshold has been crossed, and given all the headwinds in the U.S. economy, it doesn’t appear that mortgage rates will be dropping below that mark anytime soon.

Purchase mortgages this week averaged 5%, up 28 basis points from 4.72% a week ago, according to the latest Freddie Mac PMMS. A year ago at this time, rates were at 3.13%. The GSE’s index accounts for just purchase mortgages reported by lenders over the past three days.

“This week mortgage rates averaged 5% for the first time in over a decade,” said Sam Khater, Freddie Mac’s chief details ⇒

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