Mortgage rates rise to highest level since 2009

Mortgage rates on 30-year fixed-rate mortgages rose to above 5.3 percent in late April, their highest level in over decade, according to a recent Mortgage Bankers Association survey. Rising rates are having an effect on the real estate market in locations throughout the U.S., cooling a bit of the long-standing buyer frenzy and moving the long-standing supply-demand imbalance to something more balanced.