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%.