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Mortgage rates have more than doubled. Here’s what can determine the rate you’ll get.

The average interest rate for the most popular long-term mortgage — 30-year fixed — is more than double what it was a year ago.

Because of higher rates coupled with high home prices, the median monthly mortgage payment nationwide rose to $2,012 in October — a new high, according to the Mortgage Bankers Association.
Because of higher rates coupled with high home prices, the median monthly mortgage payment nationwide rose to $2,012 in October — a new high, according to the Mortgage Bankers Association.Read moreStaff illustration / Getty Images