For the past decade, American homeowners grew accustomed to mortgage rates that once would have been unthinkably low. The rate on a 30-year loan started with a three or a four, maybe even a two.
Rates above 5 percent? That was exceedingly rare. During the past 10 years, the average cost of a 30-year mortgage topped the 5 percent threshold for just one fleeting six-week period in late 2018, according to Bankrate’s weekly national survey of lenders.
Times are changing fast, though. The average rate on a 30-year loan surged to 4.59 percent in this week’s survey — and 5 percent might not be far away.
