Mortgage rates rose markedly in the first week of 2022 — potentially setting the tone for a year in which economist expect interest rates to move steadily higher.
Right now, most signs point to interest rates continuing to climb higher in the year to come. In particular, the economic recovery from the COVID-19 pandemic remains strong. There are around 11 million job openings nationwide now, providing ample runway for the job market, which should bring the unemployment rate down. Supply-chain issues remain, but have shown some signs of abating.
“‘This inflation picture we’re talking about — if it doesn’t cool off, the Fed might have to really stop on the brakes as opposed to gently tapping them.’” “Honestly, I wouldn’t even have talked about the higher rate path much last year, so the fact that I bring it up [indicates] there is probably a higher probability than another drop in rates,” he added.
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