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Mortgage Rates Hit 5% for First Time Since 2011

Mortgage rates have reached another milestone in their recent rise from historic lows, with the benchmark mortgage product touching 5% for the first time in more than a decade. So reports MarketWatch.

5 percentAccording to Freddie Mac, the 30-year fixed-rate mortgage averaged 5% in the week ending April 14, up from 4.72% the prior week.

That’s the first time the rate has hit 5% since February 2011.

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