All the big unknowns surrounding the rapid jump in inflation — including how high consumer prices will go and how quickly the Fed will raise interest rates — have put the mortgage market on high alert in early 2022.
"Rates have gone up rather quickly and there's still a little upward movement going on," said Keith Gumbinger, vice president at the mortgage lending information site HSH.com.
The 30-year fixed mortgage rate has gone up abruptly in January on concerns that the Federal Reserve could end up raising rates up to four times in 2022, instead of maybe two or three times.
