With inflation raging and the U.S. economy running hot, the average rate on 30-year mortgages surged to 5.28 percent this week from 5.12 percent last week, the highest level since April 2010, according to Bankrate’s national survey of large lenders.
The 12-year peak in mortgage rates comes as the Federal Reserve moved to raise interest rates, the central bank’s first increase since 2018. The Fed is battling inflation — in March, prices rocketed at an annual clip of 8.5 percent.