by Calculated Risk on 2/23/2022 04:59:00 PM

From Matthew Graham at MortgageNewsDaily: Mortgage Rates Hit New Multi-Year Highs

It was another bad day for the mortgage market. This has been the norm so far in 2022 as financial markets continue repositioning for less and less support from the Federal Reserve.

There were no major new developments on that front today. Bonds (which underlie mortgage rates) simply drifted into moderately weaker territory. In so doing, they ignored several potential justifications to improve. This gives the impression that rates simply took an opportunity to catch their breath as investors weighed the implications of geopolitical risk surrounding Ukraine.

Today's average mortgage rates aren't significantly higher than the previous highs, but nonetheless the highest we've seen since May 2019. The average conventional 30yr fixed is now closer to 4.25% than 4.125%

Click on graph for larger image.

This is a graph from Mortgage News Daily (MND) showing 30-year fixed rates from three sources (MND, MBA, Freddie Mac) since 2010.  

The 30-year fixed rate for top tier scenarios was 4.19% today, up from 4.12% on Tuesday.

This is the highest rate since May 2019,

Go to MND and you can adjust the graph for different time periods.