Having hit a 22-month high last week, the average rate for a benchmark 30-year mortgage has since ticked up another 11 basis points (0.11 percentage points) to 3.56 percent, which is 77 basis points or nearly 30 percent higher than at the same time last year and within 9 basis points of a 2-year high with multiple rate hikes looming, which should translate into even higher mortgage rates, less purchasing power for buyers, and downward pressure on home values.

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