Mortgage Rates are Rapidly Approaching 5 Percent

The average rate on the 30-year fixed mortgage increased to 4.72% from 4.67% last week, according to Freddie Mac. The average 30-year mortgage rate was just 3.13 percent a year ago. Sam Khater, Freddie Mac’s chief economist, said the 1.5 percentage point increase over the past three months is the fastest three-month rise since May 1994.

George Ratiu, Realtor.com’s manager of economic research explained in an email statement that the monthly payment on a median-priced home today is nearly $500 higher than just one year ago, a 40% jump,

*30-year fixed-rate average: 4.72%, a spike from 4.67% last week and 3.13% a year ago.

*15-year fixed-rate average: 3.91%, up from 3.83% a week ago and 2.42% last year.

*5-year ARM: 3.56%, up from 3.50% a week ago and 2.92% last year.