Weekly Rate Update: Why Mortgage Rates Just Hit a Nine Month High and What Buyers Should Do #shorts

Added: 2026-05-20

[00:00:00]Hello, time for the rate update for this past week.

[00:00:04]Mortgage rates moved higher again last week and the average 30-year fixed rate is now back near its highest level in about 9 months. So, what happened?

[00:00:16]The simple answer is inflation.

[00:00:19]Mortgage rates are heavily tied to the bond market and bonds do not like inflation.

[00:00:26]When inflation expectations rise, mortgage rates normally rise with it.

[00:00:34]This past week inflation reports came in hotter than expected. The ongoing war overseas has added pressure because of higher fuel costs, fuel prices that push inflation higher. That's part of why rates jumped roughly a quarter percent in just 1 week.

[00:00:53]For home buyers, here's the takeaway.

[00:00:55]Don't panic, but do pay attention.

[00:00:58]A small rate change can impact your monthly payment, your buying power, and the overall cost of the loan.

[00:01:06]But the right strategy matters more than trying to perfectly time the market.

[00:01:12]If you're buying soon, let's look at the full picture. Your payment, your loan options, seller concessions, and whether locking or floating makes the most sense for your situation. Rates can move fast, but having a plan helps you stay in control and also, if you find a home of your dreams, you can purchase now and refinance down the road when rates drop.

[00:01:43]Give me a call 443-532-1620 and follow me at Jeff Rickert Bay Capital Mortgage. I'll make sure I'm available to answer all your questions.

[00:01:55]Thanks so much and have a great day.