Interest Rates Hit Highest Level in Over 2-Years

Mortgage interest rates were at 3.69% for a 30-year fixed-rate loan as of this past Thursday, February 10, 2022., according to Freddie Mac’s Primary Mortgage Market Survey®.  As the chart below illustrates, mortgage interest rates hit a low of 2.77% in August of 2021 and have pretty much been trending upward since.

Within the last few days, there have been a lot of reports in the media projecting mortgage interest rates to go higher this year.  A lot of it is based on the current inflation rates which are not good so if the economy and rate of inflation improve, so would mortgage rates but time will tell.  Personally, as of today and subject to any new major disruptions, I think rates in 2022 will stay in the mid 3% range and climb to the upper 3’s, perhaps 3.9% but could very well go over 4% if the Federal Reserve raises rates as much as is currently rumored now.

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