Mortgage rates moved up last week, reaching their highest levels in more than ten years.

Economic data for March that was released last week showed continued inflationary pressures and tight labor markets. There may be additional concerns of continued supply chain issues from the war in Ukraine and lockdowns in China. Increasing rates, along with low inventory and rising home prices, are limiting the typical spring acceleration in home purchase activity. Rates markets will likely remain volatile given uncertainty in global markets and anticipation of Federal Reserve action to address inflation.

This week is light on data releases, but any comments from members of the Federal Reserve or new developments in Ukraine may have an impact on rates