Economics

Mortgage Rates in U.S. Extend Climb to 5.11%, Highest Since 2010

Homes in the Creekwood Station subdivision in McDonough, Georgia.
Photographer: Elijah Nouvelage/Bloomberg

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By Prashant Gopal

April 21, 2022 at 2:00 PM UTC

This article is for subscribers only.

U.S. mortgage rates rose to a 12-year high, continuing a rapid surge in borrowing costs that may start to lower the temperature on the overheated housing market.

The average for a 30-year loan was 5.11%, up from 5% last week and the highest since April 2010, Freddie Mac said in a statement Thursday. Rates have jumped from just 3.11% at the end of last year.