In the third jump of 2022, mortgage rates rose to a high not seen since the early days of the pandemic.

The 30-year fixed-rate mortgage averaged 3.56% in the week ending January 20, up from an average 3.45% the week before, according to Freddie Mac. It’s the highest since March 2020, when it was 3.65%.

The move came as the 10-year US Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation, said Sam Khater, Freddie Mac’s chief economist.

“As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season,” he said. “However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”