More bad news for home buyers. The average rate of a 30-year fixed rate mortgage jumped to 4.40% this week — the highest level since April 2014, according to Freddie Mac’s latest report. This is the seventh consecutive week of higher mortgage rates. Higher interest rates make it more expensive to borrow money. At the current interest rates, buyers will pay $52 more a month compared to the start of the year when rates were at 3.95%, assuming a $247,800 price tag and 20% down payment.