Mortgage demand plummets as interest rates hover near 13-year high
May 18, 2022 at 11:36 AM EDT
Although mortgage rates have receded slightly from the record high notched last week, the average rate on the 30-year loan is still around 5.378%. By comparison, just one year ago, the 30-year rate stood at 3.00%. Since the start of the year, rates have jumped 2% – the fastest pace of growth since May 1994.
