As the Fed paused rate hikes, mortgage markets experienced a volatile week, concluding the with a slight increase.
Alongside a wide range of major economic news, another Fed rate hike created a volatile week for mortgage markets.
The April 2023 MBS volatility presented a mixed bag of economic indicators and data in the banking crisis aftermath.
This week, mortgage-backed securities dropped as consumer spending data fell short. Meanwhile, the inflation data matched expectations.
Taking a look back at March 2023 mortgage rates, the big news of the month stemmed from the volatile banking sector.
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.
Heading into the December 2022 mortgage markets, investors widely expected the Federal Reserve to increase interest rates by 50 basis points.
While the December 2022 Fed meeting stole the show this week, a wide range of reporting proved favorable for mortgage rates.
While this week showed little major news, the ISM national services index demonstrated unexpected gains in November 2022.