The interest rate on the most popular US mortgage reached 5% for the first time in more than a decade, prolonging the sharp rise, which has not yet significantly slowed the hot housing market.
Interest rates on the average 30-year fixed-rate mortgage rose from 4.72% a week ago to its highest level since early 2011, government mortgage company Freddie Mac said on Thursday. Fifteen months ago, mortgage rates were at their lowest levels ever.
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