The Average 30-Year Mortgage Rate Hits 5.51 Percent

The average rate on the 30-year fixed mortgage reached 5.51 percent this week, nearly double the average 2.88 percent recorded last year, according to Freddie Mac.

“With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans,” Sam Khater, chief economist at Freddie Mac, said in a statement.

*30-year fixed-rate average: 5.51%, up from 5.3% last week and 2.88% a year ago.

*15-year fixed-rate average: 4.67%, up from 4.45% a week ago and 2.22% last year.

*5-year ARM: 4.35%, up from 4.19% a week ago and 2.47% last year.