Highest levels since 2009

The 30-year fixed rate mortgage increased 26 basis points to 5.54% while the 15-year mortgage increased 17 basis points to 4.88%.

current outlook:

The 50 basis point bump in the Federal Funds Rate has pretty much been set in stone. What the market will be looking for in today’s press conference is how they will be going about their balance sheet normalization. Depending on the language used by the Feds, mortgage rates could either have a positive or negative reaction. As it stands, rates haven’t risen this fast since the 1980s. As a result, consumers have been turning to adjustable-rate mortgages for affordability. The share of purchase rate locks for ARMs increased from 2.5% in December to 9% last week.

Highest levels since 2009

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