Mortgage Interest Rates Back on the Rise February 22, 2024

With the slight bump up today, the average 30 year fixed mortgage interest rate is as high as it’s been since the latter part of November 2023.  The good news is that today’s 30 year rate is still almost a full percent lower than the high we saw in October 2023.  That is when we saw a 30 year rate over 8.0%.

Inflation is sill the factor that moves mortgage rates up or down.  The Consumer Price Index report for February showed inflation NOT improving, and that drove mortgage rates up to where they are now.  Fingers crossed for a better CPI report in March!