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Mortgage rates surged this week, reaching their highest level since March 2020. According to Bankrate's weekly survey of large lenders, the average rate on 30-year mortgages rose to 3.75 percent. “Mortgage rates have bounded higher since the beginning of the year and are half a percentage point above where they were three months ago,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “Inflation is a major economic issue and the Fed was late to get that memo, so recalibrating Fed expectations has been a catalyst for volatility.” Mortgage experts expected rates to climb from the all-time bottom achieved in January 2021. A year ago, the benchmark 30-year fixed-rate mortgage was 3 percent. Four weeks ago, the rate was 3.27 percent. The 30-year fixed-rate average for this week is 0.84 percentage points higher than the 52-week low of 2.93 percent. QUESTIONS? Click the button below.