Mortgage interest rates hit 5% for the first time in a decade. That’s great news.

After falling to historic lows last year, mortgage rates are rising sharply. They hit their highest level in more than a decade on April 5, when the average US interest rate on a 30-year fixed-rate mortgage was over 5%, up from under 3% a year ago. Housing experts argue that this is a good thing for the red-hot US housing market.

Posted on 2022.04.06