On Monday, Nerdwallet released the average mortgage rates in the country. Rates ticked up from the week prior and are now higher than at the start of the year.
This is by far the most significant week-to-week increase in the new year. Along with the Fed raising interest rates, the economy added over 500k new jobs and had to raise wages to secure those jobs. Those three factors and the anticipation that the Consumer Price Index Inflation report will show an increase for last month explain the sharp rise in rates.
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Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast