Mortgage rates just climbed past 2021 levels
CNN
Mortgage rates started off 2022 with a bang, as the average rate moved higher than at any point last year.
The 30-year fixed-rate mortgage averaged 3.22% in the week ending on January 6, up from an average 3.11% last week. A year ago the 30-year rate was 2.65%, the lowest on record.
"Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021," said Sam Khater, Freddie Mac's chief economist.
Just two days after Election Day, Maggie Mosher, a retired history teacher based in San Jose, California, began setting up raised beds to build a winter garden in her backyard. Never before had Mosher contemplated growing food in the winter as well as the peak growing months of the spring and summer.