Mortgage rates continued to climb this week, adding more financial strain on hopeful home buyers as they wade into the competitive spring and summer markets.

The 30-year fixed-rate mortgage averaged 5.3%, a rise from last week, when it averaged 5.27%, according to data released Thursday by Freddie Mac. This time last year, the 30-year rate was 2.94%.

The rate for the 15-year fixed-rate mortgage averaged 4.48%, down from last week’s average of 4.52%. A year ago at this time, it averaged 2.26%. The five-year adjustable-rate averaged 3.98%, up from last week’s 3.96%. A year ago at this time, it averaged 2.59%.

“Monthly payments have increased by more than 50% in just four months because of higher mortgage rates,” said George Ratiu, a senior economist with “While everyone is shocked by inflation of 8.3%, rent increases of 17% and home price increases of 14%, the impact of higher mortgage rates is even greater.”... Read More: Washington Post