The Knudson File: Mortgage Rates Rise 23bps to 4.12% For Week Ending 2.17.22

Mortgage rates increased 23 bps this past week from 3.89% to 4.12%.  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 increased by $13 to $484 which is equal to $0.48 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 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 3.15.22.  It appears longer term rates are increasing in anticipation of an increase by the Federal Reserve.  Viewed from a broader time frame, 4.12% are relatively low rates.