The average rate on the 30-year fixed-rate mortgage was 3.85% for the week ending March 10, up nine basis points from the previous week, Freddie Mac reported Thursday.
After two consecutive weeks of declines, mortgage rates have moved higher once again. Where they will go in the short term, though, largely depends on what happens overseas. Mortgage rates could fall lower again depending on what happens in Ukraine — and what ripple effects that has on the U.S. economy.
The 15-year fixed-rate mortgage, meanwhile, rose eight basis points to an average of 3.09%. The 5-year Treasury-indexed adjustable-rate mortgage increased by the same amount over the past week to 2.97%. “‘Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy.’”
The latest edition of the monthly consumer price index, released Thursday, showed that inflation remains at the highest level since 1982, driven by the rising cost of fuel, food and housing. And now with the U.S. banning imports of oil from Russia following its invasion of Ukraine, gasoline costs are poised to rise even higher, raising the ceiling on inflation.
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