The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications.
The average fixed rate on a 30-year mortgage was 5.05 percent this week, up from 4.94 percent last week, Freddie Mac said Thursday. The last time rates were above 5 percent was the week ending Oct. 29, when they were 5.03 percent.
Mortgage rates have risen since they hit a record low of 4.71 percent the week of Dec. 3. They are closely tied to yields on long-term government debt, which have gone up since then.
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