In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
Although the latest core PCE met expectations, investors grow increasingly concerned with slowing global economic growth.
In a light week of economic reporting, the major news encompassed the latest GDP reading, which fell to the lowest level since spring 2020.
Last month, March 2022 mortgage rates soared at an unexpectedly fast pace as the market stays volatile this year.
While mortgage markets stay volatile, the unemployment rate fell to the lowest level since early 2020 as inflation came in on target.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
Mortgage markets experienced another volatile week as the Russian invasion of Ukraine dominated headlines.
This week, the key Employment report revealed enormous job gains for the United States labor market, leading to higher mortgage rates.
As holiday consumer spending surges, the Federal Reserve plans adjustments for the recent colossal inflation, hitting a 30-year high.