Mortgage rates are rising faster than the experts expected.
At the beginning of the year, they predicted the average 30-year fixed rate mortgage would hit 4% by December.
Last week, the average rate was than 5% APR. CNBC says this is the first time rates have crossed that threshold since 2011.
One year ago, the 30-year fixed was 3.38%.
As the Federal Reserve continues to raise rates to curb inflation, and the war in Ukraine continues to cause economic turmoil around the world, mortgages rates are likely to go even higher. This will make it even more difficult for potential homebuyers.
More Info: Mortgage rates hit 5 percent, ushering in new economic uncertainty
