The 30-year fixed-rate mortgage averaged 5% in the week ending April 14, up from 4.72% the week before, according to Freddie Mac. That's the highest since 2010.Rapidly rising rates, along with sky-high home prices and rapid inflation continue to push homeownership out of reach for many Americans, according to Sam Khater, Freddie Mac's chief economist.
Read MoreRising inflation and record-high rents are also weighing on prospective homebuyers, he said.US home prices are rising so fast, property taxes can't keep up"Higher rents are encouraging many tenants to take a second look at buying a home, especially in cities where a mortgage payment may be on par or lower than monthly rent," he said."On the other hand, the for-sale market continues to be undersupplied, making it difficult to find an affordable home.
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