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…