Mortgage Rates: March 3rd, 2022
Mortgage rates decreased 13bp this past week from 4.09% to 3.96%. 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 $8 to $475 which is equal to $0.25 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. Robust employment numbers were released on 3.4.22. The next CPI data will be released on 3.10.22.
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 have increased in anticipation of an increase by the Fed. Viewed from a broader time frame, 3.96% mortgage rates are relatively low.