What a difference a year makes. One year ago this week, the 30-year fixed mortgage rate sank to its lowest level in history. This week, fixed mortgage rates followed long-term bond yields and rose to their highest levels in 20 months.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.22% 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 3.11% a week ago and a record-low 2.65% a year ago. This is the highest the 30-year fixed average has been since May 2020.