Mortgage rates climb above 5% once again
CNN
Mortgage rates climbed above 5% again, after dipping below that threshold for the first time in months a week earlier. While the volatility in mortgage rates remains, there are signs that the housing market is starting to stabilize.
The 30-year fixed-rate mortgage averaged 5.22% in the week ending August 11, up from 4.99% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.87%.
Rates rose sharply at the start of the year, hitting a year high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve's mission to combat inflation have made them more volatile.
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