Mortgage rates recently crossed the 5% mark, almost double what they were just a year ago and the highest since 2011. The rise is likely to put a lid on home price appreciation in the short term as the monthly cost to own a home increased significantly. While the rate is staggering, a longer-term perspective shows that rates are still below historical averages.
Source: Federal Reserve Economic Data
Raymond James Financial Services, Inc. and their advisors do not provide advice on mortgages.