Mortgage rates

More hikes are likely as the Board is confident its bid to quell inflation won't deepen a nascent banking crisis.

Both 30- and 15-year averages dropped for the first time in six weeks, as investors flocked to safety of 10-year Treasuries.

Home sellers are offering to pay for closing costs, mortgage rate buydowns and property repairs in order to attract buyers, Redfin found.

Product availability fell to its lowest level since January 2013 as lenders pulled back on offerings across the board, but especially in conforming loans, the Mortgage Bankers Association said.

The shift in short-term interest rate markets Monday was unlike almost anything seen for more than four decades, including even the 2008 financial crisis and the aftermath of the Sept. 11 terror attacks. 

Rates on the 30-year fixed rate mortgage rose during the month, but purchase borrowers using jumbo loans drove activity higher compared with January, Black Knight said.

The 30-year fixed pushed up another 8 basis points this week as the markets are speculating about what the Federal Reserve will do next.

The Federal Reserve chairman took an unexpectedly aggressive posture following last month's step down in the pace of hikes in testimony before Congress on Tuesday,

"The committee is strongly committed to returning inflation to its 2% objective," the Fed said in its semi-annual report to Congress released Friday.

The increase reflects the rise in the 10-year Treasury yield, which is back above 4% for the first time since that month.