In a week marked by a lack of significant economic developments, housing starts surged as mortgage markets experienced a period of calm.
As the Fed paused rate hikes, mortgage markets experienced a volatile week, concluding the with a slight increase.
Notably, this week's biggest economic story revolved around weakness in the services sector, revealed by the Institute of Supply Management.
After a notable rise in the initial weeks of May, mortgage rates declined amid mixed economic signals and manufacturing contraction.
Amid growing concerns about the impact of high inflation, investors shifted their focus to the banking sector troubles and debt ceiling.
As the week comes to a close, mortgage rates reached March 2023 levels as investors shifted their focus away from banking.
This week, economic markets saw mortgage-backed securities experience little change, despite significant news from the housing sector.
Latest mortgage market seemed to finally calm after several weeks of extreme volatility due to concerns about the banking sector.
Following news surrounding the banking sector's ongoing challenges, March mortgage-backed securities increased.