Mortgage rates for Feb. 15, 2022: Rates creep upward after Valentine’s Day

Love is in the air — and so are rising rates, apparently. Today, Feb. 15, 2022, we’ve seen Guaranteed Rate interest rates go up across most loan types. Only our 15-year fixed rate mortgage has held firm overnight.

Rates responding to inflation

Today’s rate bump doesn’t come as much of a surprise given the Fed’s increasingly hawkish response to rising inflation. Yesterday, St. Louis Federal Reserve President James Bullard told CNBC that he believed the Fed should step up tapering. “I do think we need to front-load more of our planned removal of accommodation than we would have previously,” Bullard said. “We’ve been surprised to the upside on inflation. This is a lot of inflation.”

He’s not wrong — at least not about the current state of inflation. The Labor Department released the latest Producer Prices Index earlier this morning, revealing a year-over-year increase of 9.7%, outpacing economists’ expectations of 9.1%.

All of this is to say that current economic conditions seem ripe for rate hikes, and we may see more days like today in the coming weeks. While we can’t know for sure what the future holds, you may not want to wait to lock in your rate on a traditional or cash-out refi under these circumstances.

30-year fixed rate

Let’s start with the most popular loan option out there: the 30-year fixed rate loan. Interest rates have gone up day over day (DOD), week over week (WOW) and month over month (MOM). The WOW and MOM increases are relatively mild, all things considered. But rates are significantly higher today than they were a month ago. Borrowers who fit our profile below would pay $1,453.95* on a 30-year conventional home loan each month.

  • Today’s rate: 4.125%
  • DOD change: up 13.5 bps**
  • WOW change: up 13.5 bps
  • MOM change: up 62.5 bps
  • Today’s APR: 4.228%
  • DOD change: up 13.6 bps
  • WOW change: up 11.8 bps
  • MOM change: up 63.1 bps

15-year fixed rate

Interest rates on 15-year fixed rate loans haven’t moved a muscle this morning. That being said, just like 30-year mortgages, 15-year rates are up quite a bit compared with last month. If you locked in your rate now, your monthly mortgage payment would be $2,108.01.*

  • Today’s rate: 3.250%
  • DOD change: 0
  • WOW change: up 12.5 bps
  • MOM change: up 50 bps
  • Today’s APR: 3.297%
  • DOD change: up 13.6 bps
  • WOW change: up 13.6 bps
  • MOM change: up 50.5 bps

FHA 30-year fixed rate

It may not be the greatest distinction to hold, but FHA 30-year fixed rate loans edged out 30-year conventional loans with the largest rate bump today. Interest rates on this government-insured loan are also up week over week and month over month. With these loan terms, you would pay $1,432.25* on your monthly installment.

  • Today’s rate: 4%
  • DOD change: up 15 bps
  • WOW change: up 25 bps
  • MOM change: up 50 bps
  • Today’s APR: 4.811%
  • DOD change: up 15.5 bps
  • WOW change: up 25.9 bps
  • MOM change: up 51.7 bps

Today’s takeaway

Rising inflation continues to drive concerns that the Fed will take more aggressive action to taper bond purchases, which could lead to higher interest rates. Today’s rate increase would seem to validate those fears: Only 15-year fixed rate loans are holding steady this morning.

Even on days like today, where rates creep up, it may make sense to lock in your rate on a new purchase or refinance. It’s difficult to say with complete certainty where rates go from here, but there’s always the possibility that they’ll continue to rise over the coming weeks and months. Ready to get started on a refi? Our mortgage experts are here to help any way they can.


*Above scenarios assume a first lien position, 40 day rate lock on a primary residence and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Contact Guaranteed Rate for more information and up to date rates.

**Basis points (bps) measure the percentage change on interest rates. One basis point represents a 0.01% shift.

Interest rates are based on a borrower profile fitting the following criteria:

  • Zip code: 60031
  • Home type: Single-family house
  • Purchase price: $375,000
  • Down payment: 20% ($75,000)
  • Mortgage balance: $300,000
  • FICO score: 740+
  • Military member: No

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