The interest rate for the 30-year fixed-rate mortgage hit a ten-year high of 5 percent Thursday, continuing steep inclines that started last December in a U.S. housing market where values are surging, The Hill reports.
The rate on the most popular U.S. mortgage has climbed nearly 2 points from 3 percent a year ago, according to the latest numbers from government-mortgage administrator Freddie Mac. The last time the 30-year fixed rate mortgage hit 5 percent was February 2011.
Fifteen-year fixed-rate mortgages averaged 4.17 percent this week, up from 3.91 percent last week and 2.35 percent a year ago.
