The 30-year fixed-rate mortgage averaged 5.27% for the week ending May 5, according to data released by Freddie Mac FMCC, -0.46% on Thursday. That’s up 17 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%
Social Security beneficiaries started 2022 with a 5.9% cost-of-living adjustment to their monthly checks, the highest increase in about 40 years.
But as inflation climbs with each month, the buying power of those benefit increases has diminished.
The Consumer Price Index for all Urban Consumers, or CPI-U, rose 8.5% from a year ago, according to March data released by the U.S. Bureau of Labor Statistics on Tuesday.
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