The average 30-year fixed mortgage rate officially hit 5% last week, according to Freddie Mac. For several months now rates have been on a near-vertical rise and are now well above the record lows of the pandemic. As the Federal Reserve works to address inflation, it’s likely that rates will remain elevated.

“I believe the rates being above 5% will become a norm, and I don’t see a significant downward movement in the near future,” says Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial. READ MORE