As the Fed paused rate hikes, mortgage markets experienced a volatile week, concluding the with a slight increase.
After a muddling 2022, refinance applications soared 10% week-over-week. This showed signs of life in the mortgage industry.
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.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
This week’s major economic data revolved heavily around the January 2023 consumer spending report, which came in much stronger than expected.
After 2022 demonstrated recent record highs, the new year kicked off with lower January 2023 mortgage rates.