Real Estate

Mortgage rates just jumped again. What that means for homebuyers


A pedestrian walks by a Wells Fargo home mortgage office in San Francisco.

Justin Sullivan | Getty Images

If you’re in the market for a home and haven’t locked in a mortgage rate yet, that home just got more expensive. 

The average rate on the popular 30-year mortgage hit 3.64% on Monday morning, after rising sharply last week, according to Mortgage News Daily. On Friday, the rate was 3.5%, and last Monday it was 3.29%.

The real jump happened midweek, when the Federal Reserve announced it would offload mortgage-backed bonds from its balance sheet sooner than expected. Bond yields also rose on news that the coronavirus omicron variant could spike and then quickly moderate, and with symptoms…


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