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Things got tougher for homebuyers this week as mortgage rates continued to rise more quickly than experts expected. 

The average 30-year fixed rate was 4.59% this week, a rise of 19 basis points from a week earlier. Rates were below 4% just three weeks ago, and around 3.3% at the start of the year.

The rise has exceeded experts’ predictions, with persistently high inflation, the prospect of more aggressive action by the Federal Reserve to slow that inflation, and Russia’s war in Ukraine all contributing to a dramatic first quarter.