Looking at Last Week’s Market and Historical 30-Year Mortgage Rates
March 29, 2022
Welcome to Wealth Enhancement & Preservation’s Market Minute, where we get to update you on everything that happened in the financial markets this week. My name is Cody Moore, and I am a Wealth Advisor at Wealth E&P’s Alpharetta, Georgia office.
Last week we saw a great week in markets overall, with the three major indices being up for the week. The NASDAQ lead the way, and it was up just over 2.5%. Our All-Weather score has increased to a 30 out of 40, giving us some exposure back into equities and allowing us to be more risk-on. We are actively monitoring this daily to make sure we're on top of things with all the volatility seen recently, so we'll continue to keep you all updated on this as we go forward.
Today, we wanted to talk about the 30-Year Mortgage Rates. The rates have been increasing lately, and as of today, they sit at about 4.5%. So, what does this mean? Is this bad news?
We're going to take a look at some data to really dive deep into the numbers here. If you look at this chart above, it shows the mortgage rates for the last couple of years. Last year, it was down just under 3% for the 30-Year Mortgage Rate on average; this is why we saw so much refinancing activity and purchasing activity going on, which was great. As you can see, they are beginning to increase, and it looks like they may be going out of control. However, if we look at the bigger picture, we can see that it is not exactly the case.
The historical 30-Year Mortgage Rate average is actually just under 8% for this rate. So, we are still at historical lows relative to the past and sitting in a good spot. Overall, we are in good shape.
If you have any other questions on this or anything else, if you want a risk profile, or if you would like a retirement projection, please feel free to reach out or visit www.wealthep.com. Otherwise, stay tuned for our Market Minute next week!
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