Mortgage rates moved up approximately 2% in 3 weeks up to around 5%
There is a direct correlation between mortgage interest rates and 10-year Treasury yields. Yields usually rise when the U.S. Federal Reserve (Fed) raises short term rates to control inflation and slow down the pace of economic growth. The Fed increased the rates .25% in March and indicated there will be several more rate hikes in 2022 and 2023.
The mortgage rates increased approximately 2% in the past 3 weeks to 4.99% for a 30yr Fixed and 4.75% for a 15yr Fixed.