Bank Failure Leads to Latest Plunge in Mortgage Rates
Bank failures in the US and Europe completely overwhelmed the economic reports in driving financial markets this week.
Bank failures in the US and Europe completely overwhelmed the economic reports in driving financial markets this week.
New labor market data invoked mixed feelings regarding record low unemployment and steadily high inflation.
Consumer prices in Europe leave investors disappointed, as they were hoping for signs that inflation is easing. As a result, mortgage rates climbed a bit to the highest levels since November.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
Mortgage rates climbed to the highest levels since November. The spike is directly due to the major inflation data released this week. The data on inflation was stronger than expected.
This week’s major economic data revolved heavily around the January 2023 consumer spending report, which came in much stronger than expected.
High inflation has investors mostly taking their cue from the Fed during a very light week for economic data
Labor market strength is at at the forefront of a week packed with major economic news, including daily volatility in mortgage markets.
After 2022 demonstrated recent record highs, the new year kicked off with lower January 2023 mortgage rates.
GDP (Gross Domestic Product) is the broadest measure of economic activity. U.S. happy to see the GDP rose at a rate of 2.9% in the fourth quarter.