You have to go back to the start of the coronavirus pandemic to find mortgage rates as high as they are this week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed for the fourth week in a row to 3.56% with an average 0.7 point. (A point is a fee paid to a lender equal to 1% of the loan amount. It is in addition to the interest rate.) It was 3.45% a week ago and 2.77% a year ago. The 30-year fixed average is at its highest level since March 2020, when it was 3.65%.

Freddie Mac, the federally chartered mortgage investor, aggregates rates from around 80 lenders across the country to come up with weekly national averages. The survey is based on home purchase mortgages. Rates for refinances may be different. It uses rates for high-quality borrowers with strong credit scores and large down payments. Because of the criteria, these rates are not available to every borrower.

The 15-year fixed-rate average jumped to 2.79% with an average 0.6 point. It was 2.62% a week ago and 2.21% a year ago. The five-year adjustable rate average rose to 2.6% with an average 0.3 point. It was 2.57% a week ago and 2.8% a year ago.... Read More: Washington Post