.Rates backed down this week in light of international tensions and the market turning risk-averse. The 30-year fixed rate mortgage decreased 4 basis points to 3.66% while the 15-year mortgage decreased 3 basis points to 2.92%.
With Russia on the brink of taking military action against Ukraine, mortgage rates may continue to fall. Also on the docket this week is the Federal Reserve policy meeting where they will most likely call for a rate hike in March. Many predict this will be followed by rate hikes in June, September, and December. In housing news, more prospective buyers left the market. According to the NAHB, the share of adults who plan to buy a home by next year dropped to 15%. While this affected many groups, the most impacted population was Generation X buyers who decreased from 18% to 12%.