Higher Inflation Leads to Higher Rates 

The Consumer Price Index increased by 0.8% in February and consumer prices are up 7.9% over the last 12 months. The Core CPI rose 0.5% last month from January and core prices are up 6.4% from a year ago. Energy, food, airline tickets, and owner-equivalent rent were the largest drivers of increased prices last month and it’s widely expected or assumed that these prices will continue to increase substantially and thus pushing consumer inflation even higher. I won’t be surprised if it hits 10% soon. 

So, even with a war happening mortgage rates rose .25% last week because of higher inflation that is expected especially with oil and gas since we refuse to do more drilling in our country and to become energy independent again.