For the week ending March 31, 2022, mortgage rates increased 25 bps to 4.87%. In the prior 3 weeks rates have increased by 80 bps. The market is reacting to the Fed’s strong statement coming from The Federal Open Market Committee (FOMC) meeting which was held on March 16th, 2022. For a $100,000 loan, the monthly payment increased by $14 to $529 which is equal to $0.50 a day. Mortgage rates of 5.00% to 5.50% are possible by the end of April given the Fed’s announcement.
30 Year Mortgage Rates
Rates rocket up and feather down. For now, and into the foreseeable future, they will continue to increase. The Fed clearly signaled that additional rate increases will be occurring later this year. Their next meeting is on May 4th, 2022. Viewed from a broader time frame, 4.87% mortgage rates are relatively low.
Weekly Mortgage Rate Since January 2001
Bill Knudson, Research Analyst Landco ARESC