03/28/2022
In the week ending 24th March, mortgage rates rose sharply for a second consecutive week.
30-year fixed rates jumped by 26 basis points to 4.42%. In the week prior, 30-year fixed rates surged by 31 basis points. 30-year fixed rates were at their highest since 4.35% on February-27, 2019.
Economic Data from the Week
It was a quiet first half of the week, with no major stats to provide U.S Treasuries and mortgage rates with direction. Rising crude oil prices and concerns over further supply chain disruption kept inflation in focus.
30-year fixed rates surged by 26 basis points to 4.42% in the week. This time last year, rates had stood at 4.17%. The average fee remained unchanged at 0.8 points.
15-year fixed rates jumped by 24 basis points to 3.63% in the week. Rates were up by 118 basis points from 2.45% a year ago. The average fee remained unchanged at 0.8 points.
5-year fixed rates rose by 17 basis points to 3.36%. Rates were up by 52 basis points from 2.84% a year ago. The average fee rose from 0.2 points to 0.3 points.
According to Freddie Mac,
Rising inflation, escalating geopolitical uncertainty, and the Fed drove rates higher, reducing consumer purchasing power.
