In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
With the release of the April 2022 Core CPI data, inflation began to ease. This modest inflation decline allowed mortgage rates to stabilize.
As expected the Fed announced a rate hike this week in their latest step to combat inflation while Employment neared its consensus.
As investors focused heavily on the high inflation, mortgage rates rose to their highest levels since late 2018.
This week, investors awaited the latest Fed guidance. Fed officials plan to reduce their bond portfolio more quickly than expected.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
As investors eagerly awaited the European Central Bank meeting, the latest decision on inflation came as a blindside.
In another volatile week for mortgage markets, the conflict in Ukraine continued to intensify while the U.S. heard testimony from the Fed.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.