Mortgage Interest Rates Holding Steady March 29, 2022

Last week’s big jump in rates was right in line with the worst week in decades in terms of the total increase in the average 30 year fixed interest rate.  June 17-21, 2013 saw mortgage rates rise 0.52% compared to last week’s 0.49%.  A half percent increase in a borrower’s mortgage rate is a big deal when looking at how that affects a monthly payment.

This week is looking better. The bond market is holding its ground nicely and managing to improve slightly.   While this isn’t the first time we’ve seen such things in 2022, it’s one of only 3 days of improvement since March 4th.

We aren’t seeing mortgage rates lower yet.  Many lenders are simply erring on the side of caution before buying into a long term improvement in the bond market.