As inflation continues to rise across the country, Bankrate’s mortgage tracker showed that the 30-year fixed mortgage rate increased from a week ago, with the average in Georgia standing at 4.87%.
In the latest survey data gathered every Thursday by Freddie Mac, the national average for mortgage rates increased to 4.67% as of March 31 from 4.42% a week prior. These rates are an approximation of what a person with good credit who agrees to a 20% down payment may be offered when applying for a mortgage. A person with a worse credit score is likely to see a higher rate.
The number has greatly increased from rates two months prior, where the average 30-year fixed-rate mortgage was 3.59%, NerdWallet reported.
“The 30-year mortgage rate in the US rises to 4.67%, its highest level since December 2018,” Charlie Bilello, founder and CEO of Compound Capital Advisors, said in a tweet. “Last year it hit an all-time low of 2.65%. The 0.82% increase in mortgage rates over the last 3 weeks is the largest 3-week spike we’ve seen since May 1987.”
With rates nearing 5% for the first time in years and inflation creating a steep rise in home prices, homeownership is now becoming a nearly impossible feat for many Americans, The Wall Street Journal reported. The median price of an existing home went up 15% in February compared to the year before.
“It’s going to take a pretty healthy increase in rates to moderate the demand,” Phil Shoemaker, president of originations at Homepoint Financial Corp., a Michigan-based mortgage lender, told the Journal.
