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“Highest Mortgage Rates in a Month, But Just Barely”

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From Matthew Graham at MortgageNewsDaily: Highest Rates in a Month, But Just BarelyMortgage rates began the week in decent shape, but moved higher somewhat abruptly yesterday. Context is important though. The smallest increment of adjustment for mortgages is typically 0.125%, and we haven’t seen a move that big since early November. In fact, the overall range in 30yr fixed rates hasn’t even been 0.125% during that time!

In other words, we’re only able to say “highest rates in a month” because they finally trickled to just slightly higher levels. On that note, we might as well prepare for the next technicality. Specifically, if things get just a bit worse, we’ll soon be able to say “highest rates in 9 months,” even though they won’t be too terribly different from today’s. Click on graph for larger image.

This is a graph from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) since 2010.  

The 30-year fixed rate for top tier scenarios was 3.27% yesterday, up from 3.26% on Wednesday.  This is still historically very low.
If rates rise to 3.30% that will be highest since March 2021.  And 3.46% would be the highest since rates spiked briefly at the beginning of the pandemic.

Go to MND and you can adjust the graph for different time periods.

Question #6 for 2022: Will the Fed raise rates in 2022? If so, how many times?

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