Mortgage rates made a notable jump this week, hitting their highest point since last July.
According to the Mortgage Bankers Association, the average rate on 30-year mortgage loans is now 3.23%—up from 3.08% the week prior and the biggest week-over-week jump in nearly a full year.
For borrowers who failed to lock their rates last week, the bump could be costly. On a $250,000 loan, the difference in monthly payments is only about $21. Over the life of the mortgage, though, the discrepancy is upwards of $7,000.
Rates have been increasing for weeks now, rising from 2.86% at the start of the year and hovering just below 3% for most of February. Rates reached their lowest point on record last December.