The Sconi

Recent survey data from federal home loan mortgage corporation Freddie Mac showed the 30-year fixed mortgage rate across the country rose to a four-year high of 4.7% as of April 7, after dipping to an all-time time low of just 2.65% the year before.

"The 0.82% increase in mortgage rates over the last 3 weeks is the largest 3-week spike we've seen since May 1987," Compound Capital Advisors founder and CEO Charlie Bilello recently tweeted.

With all the increases coming as record inflation continues to spiral out of control, the numbers in Wisconsin are even more crippling, with Bankrate.com reporting fixed mortgage rates climbed to 4.90% as of March 31.  

Just weeks ago, fixed rates across the country stood at just 4.42%, prompting some to fear the still-rising home loan rates could soon border 5% for the first time in four years.

In addition, Nerdwallet reported as recently as February the average 30-year fixed-rate mortgage stood at just 3.59%.

"It's going to take a pretty healthy increase in rates to moderate the demand," Phil Shoemaker, president of Originations at Homepoint Financial Corp., a Michigan-based mortgage lender, told the Wall street Journal.

The Journal also reported that the median sales price of an existing home rose 15% in February from a year earlier, thereby making homeownership only a dream for many.

In conducting a rate survey, Freddie Mac compares rates offered for the week ending every Thursday, a Money.com report said. The average rate represents the approximate rate a borrower with strong credit and a 20% down payment can expect to get when applying for a mortgage right now. Borrowers with lower credit scores can expect to see higher rates.