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Inflation continues to hit levels not seen in 40 years, and mortgage rates are rising with it.

The 30-year fixed rate average increased to 3.85% – its highest since March 2020 – while the latest figures from the Bureau of Labor Statistics Thursday showed year-over-year inflation of 7.5% in January. That’s the highest in 40 years.

“It’s one word: It’s inflation,” says Rob Cook, vice president for marketing, digital, and analytics for Discover Home Loans.