It’s unclear how the US Interest Fed Funds rate will affect mortgate rates globally, but most experts are predicting a steady rise through 2022. The near-term move will be largely impacted by decisions made at the upcoming FOMC meeting. The central bank said in its last meeting that it will continue to adjust policies to account for the continued growth and inflation in the U.S. economy. Uncertainty surrounding the Ukraine crisis, however, may temper the central bank’s stance.

The Fed’s chairman, Jerome Powell, has indicated that he expects the Fed to raise rates by a quarter point in March. As of this writing, the futures market is pricing in a half point hike in March. Rising gas prices, however, are a double-edged sword for the central bank, since they slow the economy and contribute to inflation. A rising oil price, on the other hand, may prevent the Fed from raising …