Mortgage Rates Surged to 3.63% Last Week - The Highest They've Been Since April 2020

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The average 30-year fixed mortgage rate jumped up again last week, to 3.63% - the highest it's been since April 2020.

Last week's jump - rising by 23 basis points - is the largest weekly increase in nearly 2 years. It's also the third week in a row that rates increased. The rising rates can be partly attributed to a recent surge in inflation, experts say, which new data shows hit a 40-year high in December.

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