Mortgage rates hit 5%, highest in more than a decade

The average rate on a 30-year mortgage hit 5% this week for the first time since 2011, according to widely cited data from Freddie Mac.

Why it matters: It's becoming increasingly expensive to buy a house — if you can even find one. Over the past three months, mortgage rates have surged at a pace last seen in 1987.

• At the same time, the home-buying frenzy driven by the pandemic has reduced the available supply of single-family houses. The number of home listings was at a record low last month, according to realtor.com data.
• Open houses around the country with a line of folks waiting out the door are not uncommon.

Bottom line: It's going to be hard for first-time buyers to afford a house, but it'll likely be a while before the real estate madness moderates.