In a move which shouldn’t catch any plugged-in readers by surprise, the average rate for a benchmark 30-year mortgage jumped 23 basis points (0.23 percentage points) over the past week to 3.45 percent, which is 80 basis points or 30 percent higher than at the same time last year and the highest average rate since March of 2020 with the heightened specter of multiple rate hikes this year (which should translate into even higher mortgage rates, less purchasing power for buyers and downward pressure on home values).

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