Mortgage Rates Hit Biggest Jump Since 1987

With inflation happening in each part of the world, it’s no surprise that mortgage rates also surged by more than a half a percentage point this week marking the biggest one-week increase since 1987. The 30-year fixed-rate mortgage averaged 5.78% in the week ending yesterday, up from 5.23% the week before. Rates have risen more than two-and-a-half percentage points over the year and averaged 2.93% this time last year. The average mortgage rate surged this week following the worse-than-expected inflation data announced last week and in anticipation of Federal Reserve rate hikes that were announced on Wednesday.