East Wake Times

The latest survey data from Freddie Mac shows that the national 30-year fixed mortgage rate has risen to 4.67%, as of March 31, up from 4.42% a week ago.

As inflation continues to be an issue, this number is expected to climb. 

In North Carolina, a prospective home buyer can expect to pay even more to borrow money. In North Carolina, the average rate is 4.92%.

"The 30-year mortgage rate in the U.S. rises to 4.67%, its highest level since December 2018,” Charlie Bilello, founder and CEO of Compound Capital Advisors, tweeted March 31. “Last year it hit an all-time low of 2.65%. The 0.82% increase in mortgage rates over the last three weeks is the largest three-week spike we've seen since May 1987.”

The national average was published based on the latest weekly survey from mortgage-finance giant Freddie Mac. For its rate survey, Freddie Mac examines rates offered for the week ending every Thursday, according to Money.com. The average rate represents the approximate rate a borrower with strong credit and a 20% down payment can expect to get when applying for a mortgage. Borrowers with lower credit scores generally are offered higher rates. 

The latest numbers continue an upward trend. A week earlier, the fixed rate was 4.42%. The continuing steady rise has pushed home-loan rates within sight of 5% for the first time in four years, as reported by The Wall Street Journal. Just two months ago, the average 30-year fixed-rate mortgage was 3.59%, according to NerdWallet. 

Phil Shoemaker, president of loan originations at Home Point Financial Corporation, a Michigan-based mortgage lender, told WSJ, “It’s going to take a pretty healthy increase in rates to moderate the demand.” 

Between the higher cost of borrowing and the fact that inflation has contributed to sky-high home prices, home ownership is being pushed out of reach for many Americans. WSJ reports that the median sales price of an existing home rose 15% in February from a year earlier.