Purchase mortgage rates have risen faster in the last three months than at any time since May 1994, climbing ever closer to the 5% mark due to a combination of rising inflation, the war in Ukraine, and disruptions to the supply chain. And bad news for homebuyers: there’s no sign that they’ll fall anytime soon.

The latest weekly Freddie Mac PMMS mortgage survey, released Thursday, showed that the average purchase mortgage rate touched 4.72%, up five basis points from the week prior. A year ago at this time, rates were at 3.13%. The GSE’s index accounts for just purchase mortgages reported by lenders over the past three days.

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