Mortgage rates jump sharply higher, after easing for four straight weeks. Here's why

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Mortgage rates fell for four straight weeks, but that ended Tuesday, after a monthly inflation report came in hotter than expected. The average rate on the 30-year fixed mortgage rose 12 basis points from Monday to 7.30%, according to Mortgage News Daily. It was the largest one-day jump in more than a month. The consumer price index showed broad upward pressure on prices, not just fuel-related costs. This came after a monthly employment report Friday that also showed a more heated economy than analysts had predicted.