Mortgage Rates: February 24th, 2022
Mortgage rates decreased a minor amount: 3bp this past week from 4.12% to 4.09%. 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 decreased by $1 to $481 which is equal to $0.04 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 and 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 3.15.22 It appears longer-term rates are increasing in anticipation of an increase by the Fed. Viewed from a broader time frame, 4.12% are relatively low rates.