Mortgage rates had highest calendar-year increase ever

With last week’s mortgage rate rise from 6.27 percent to 6.42 percent, 2022 saw the largest increase in mortgage rates ever.

Last year the average rate for a 30-year fixed mortgage was 3.11 percent. As the Federal Reserve continued to fight inflation, mortgage rates actually rose above 7 percent briefly, the first time in 20 years.

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