The rate on a 30-year fixed-rate mortgage rose above 5%, higher than it has been in years, as the Federal Reserve moves to tighten monetary policy quickly.

The average rate is now at 5.02%, according to Mortgage News Daily. That is the highest rate for a 30-year mortgage since rates crossed beyond 5% for a couple of days in 2018, and, before that, since 2011.

Recommended Stories

Buying now 50% more expensive than renting, thanks to soaring mortgage rates

New home sales tumble again as mortgage rate hikes crimp affordability

Mortgage demand tanks as mortgage rates rise past 7% again