# Mortgage Rates Hit Highest Level Since March 2020

By Human Events · Published 2022-01-13 · News & Analysis › Economy · https://humanevents.com/news/mortgage-rates-hit-highest-level-since-march-2020

> Mortgage rates in the U.S. have hit the highest level since March of 2020. The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, up from 3.22% a week ago, per the Wall Street Journal. Expectations that the Federal Reserve will raise interest rates multiple times this year are driving \[…\]

Mortgage rates in the U.S. have hit the highest level since March of 2020.

The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, up from 3.22% a week ago, per the *[Wall Street Journal.](https://www.wsj.com/articles/mortgage-rates-jump-to-highest-level-since-march-2020-11642092479?mod=djemalertNEWS)*

Expectations that the Federal Reserve will raise interest rates multiple times this year are driving up mortgage rates, which are closely tied to the 10-year U.S. Treasury.

Rates have now increased for three weeks in a row. A year ago, the rate on America’s most popular home loan was 2.79%, just above its record low of 2.65%. Still, rates remain near historic lows.

Higher borrowing costs, along with record-high home prices, could drive some buyers out of the market. The median price for existing homes increased 13.9% in November from a year earlier to $353,900, according to the National Association of Realtors.