Mortgage rates continued to rise last week. Rates for 30-year fixed rate mortgages rose above 4% and yields on 10 year U.S. treasuries surpassed 2% for first time since 2019.

Jobless claims data last week showed continued tightness in labor markets. But the main factor pushing rates up last week was consumer price data, which showed prices increasing at the highest rate since early 1982 and broad increases across goods and services. Investors are anticipating aggressive actions by the Federal Reserve to reign in inflation, driving rates higher.

Markets will be focused on updates from the Federal Reserve this week and any developments with the situation in Ukraine, either of which could cause additional rate fluctuations.