Mortgage rates decreased a minor amount: 3 basis points this past week from 4.12% to 4.09%. While 4.00% is not a major price point, it will start catching the public’s attention. For a $100,000 loan the monthly payment decreased by $1 to $481 which is equal to $0.04 a day. Rates were below 3.00% for 14 weeks and it appears these rates are a thing of the past.
Rates rocket up and feather down and for now and into the foreseeable future, they will continue to increase.
The Federal Reserve has not changed its Fed Funds rates which are short term rates—their next meeting is
on March 15th, 2022. It appears longer term rates are increasing in anticipation of an increase by the Feds. Viewed from a broader time frame, 4.12% rates are relatively low.