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The average 30-year mortgage rate is higher than it’s been in 20 years. Last week, it reached 7%, and it’s still inching higher. But the most startling thing might be just how quickly it got there. A year ago, it was 3.24%.

That’s a concerning jump if you’re a homebuyer, especially if you haven’t paid close attention to the market for the past nine months.

This is Jon Reed with NextAdvisor. It’s significant that mortgage rates crossed 7% for the first time since 2002, but a mortgage rate is only part of the cost of a home. Though home prices have started to tip downward, they haven’t fallen by much, making it crushingly difficult for many people to afford a home right now.