News Mortgage News Mortgage Rates Spike Again, and by More Off the Charts: The Visual Says It All By Diccon Hyatt Updated on April 12, 2022 Fact checked by Helen Reis Fact checked by Helen Reis Helen is the senior news editor for The Balance and a veteran journalist with more than 17 years of experience, mostly in business and finance news. She is passionate about making complicated topics easy for everyone to understand and compulsive about accuracy and transparency. learn about our editorial policies Photo: Jay Uno / Getty Images If you’ve been shopping around for a mortgage, you may be shocked at how much worse the offers are getting, and how quickly. The average rate offered for a 30-year fixed mortgage vaulted to 5.87% from 5.41% overnight, according to lender data provided to The Balance. The jump of nearly half a percentage point was only the latest (though largest) in a recent string, putting the average at its highest since at least 2019 and a far cry from its low of 2.89% in December 2020. As the chart below shows, it’s risen more than an entire percentage point in a little over two weeks. (Our daily mortgage rate data only goes back to April 2021, but our data on yearly highs and lows date back to 2020, so we know rates hadn’t been higher in 2020.) Freddie Mac’s weekly measure of mortgage rates showed a similar spiking trend. The mortgage giant said Thursday that the increase over the last three months is the fastest for any three-month period since 1994. Mortgage rates tend to move with yields on 10-year Treasuries, and those have risen significantly as the Federal Reserve has waged a campaign of battling inflation by raising its benchmark interest rate. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Freddie Mac. “Mortgage Rates.”