Basement hotwater pipe noise( NEW)

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I've seen a number of posts similar to this, but none seem to be exactly the same. This problem just started, and nothing has been added to or changed.

In the Basement bathroom (seems to be the only one) when I turn off the hot water there is a single LOUD bang. I seem to remember a whistling noise when hot water was running for some weeks before this started, now there is no whistling, just the bang. The sink in question is closest to the hot water heater, which does have a pressure tank (or whatever its called) mounted above it. The pressure seems to have dropped in as much as I now have to turn the faucet almost a full turn to get the same flow as before this started. I did check the screen in the tap and it was clear. I am wondering if the tap, which is old but not leaky, could be causing this. The tap is a combination 2 into one type and it seems that if I turn on the hot water when the cold is running the problem isn't as frequent. I hope all of this will provide some clues as to what is happening.