Mortgage rates saw their largest weekly increase since the onset of the COVID pandemic in March of 2020. Rates on 30-year fixed mortgages spilled just over 4% last week which was up from 3.8% the week prior on news that the Federal Reserve may aggressively begin manipulating interest rates in an effort to quell ongoing inflation. Both purchase and refinance applications saw modest declines last week as the market responded to the increase in rates. Typically, we expect to see this type of reaction from the market as rates rise, but as those rates “settle in” we will see applications pick back up. Keep in mind, relative to where interest rates have been, that a 4% mortgage rate on a 30-year note is still historically low. See this article from Fox Business [30-year fixed-rate mortgage saw biggest weekly jump since March 2020 | Fox Business](https://www.foxbusiness.com/economy/30-year-fixed-rate-mortgage-biggest-weekly-jump-march-2020)
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