According to data released this week by Freddie Mac, the 30-year fixed-rate average now sits at 4.08 percent, up from 4.03 percent a week ago and 3.93 percent a year ago.
The Washington Post reports that mortgage rates jumped half a percentage point over the last three weeks and are now as high as they were in July 2015.
The rates aren’t expected to slow any time soon.
Many observers expect higher rates to endure because of recent strong economic data and the likelihood of a rate increase by the Federal Reserve later this month. Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will rise in the coming week.