3.14.22 Mortgage Rate Update

On Monday, Nerdwallet released the average mortgage rates in the country: 

The average interest rate on a 30-year fixed-rate mortgage rose six basis points to 4.284% APR. The average rate on a 15-year fixed-rate mortgage leapt 12 basis points to 3.524% APR and the average rate on a five-year adjustable-rate mortgage fell eight basis points to 3.135% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 33 basis points higher than one week ago and 105 basis points higher than one year ago. A basis point is one one-hundredth of one percent. Rates are expressed as an annual percentage rate, or APR.

As expected, we’re seeing a trend of ticking up interest rates ahead of the much-anticipated meetings at the Fed Reserve, which conclude on March 16th, where they will be discussing Interest Rates. With the Fed ending its buying government and mortgage bonds on March 9th, many expect the Fed to raise the short-term federal funds rate.

Check back later this week to see updates!

Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast

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