Mortgage rates

All major averages have risen to start 2022, with the 15-year surpassing the ARM.

The latest jobs and economic numbers pave the way for additional upward movement throughout 2022, analysts said.

December's activity was down 18% from November, led by a 23% drop in purchase volume and a 17% decline in rate-and-term refinancings, Black Knight said.

Nearly half of likely buyers said they feel more urgency to act if the 30-year FRM reached 3.5%, a Redfin survey found.

Despite the rising number of COVID infections, investors made no moves that would apply downward pressure.

Federal Reserve officials said a strengthening economy and higher inflation could lead to earlier and faster interest-rate increases than previously expected, with some policy makers also favoring starting to shrink the balance sheet soon after.

The 30-year average climbed six basis points after falling to a monthly low a week earlier.

The average 30-year rate dropped seven basis points to 3.05%.

In four of the six periods in the last 30 years where mortgage rates increased significantly, sales also grew, First American said.

The central bank’s new tone has many in the industry planning for potential volatility in 2022.