Bad news for home buyers: Mortgage rates soar to highest level since March 2020

Interest rates are surging on the heels of data showing a concerning outlook for inflation — and home buyers are to set to pay the price.

The 30-year fixed-rate mortgage averaged 3.45% for the week ending Jan. 13, up nearly a quarter of a percent from the previous week, Freddie Mac
FMCC,
-0.43%

  reported Thursday. It’s the highest average rate for the 30-year loan since March 2020 when the coronavirus pandemic first began to send…

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