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Mortgage rates near 5 percent

If you’re looking to buy a house, it’s not great news. According to a CNBC story published last Friday, March 25, the average rate on a 30-year fixed mortgage shot up significantly that same day, before topping out at 4.95 percent.Thus enters the familiar saying: “I should have bought a house sooner.”A year ago, according to themortgagereports. com, that same 30-year mortgage, on average, was fixed at 2.96 percent.Still, everything is relative, even if today’s mortgage rates are closing in on 5 percent. Think about it – in 1981, the mortgage rate really had homebuyers ringing their hands when it ...

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