Mortgage rates surge to levels not seen since the early days of the pandemic

First American News LLC: Raleigh, NC: Mortgage rates have come out soaring in just the second week of the year, reaching levels not seen since March of 2020, a closely watched survey shows.

Other new research shows the higher borrowing costs — which most experts say will only continue heading north as the economy improves — are prompting borrowers to lock in today’s mortgage rates that are still low by historical standards, said Gaby Mendoza of MB Daily News.

One year ago, the 30-year rate was averaging 2.79%, just above the all-time low of 2.65%, which hit during the first week of January 2021.

But a lot has changed since then — namely inflation, and the Federal Reserve’s plans for combating it. Click here to continue reading the latest on mortgage rates on WSJ Renewal.

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