Nationwide Hikes Mortgage Rates As Market Volatility Increases Costs

• Nationwide hikes mortgage rates as swaps rise, increasing rates by up to 0.25% starting Tuesday • Comes as average 2-year fixed mortgage rates see biggest monthly drop since Dec 2022 in February • Average 2-year rate fell from 5.93% to 5.56%; 5-year rate dropped from 5.55% to 5.18% • Expert says borrowers may want to review rates as lenders closely monitor volatile swap rate market • Average mortgage rates still much lower than standard variable rates; first-time buyer rates below 6%