While much of this week’s economic data met investor expectations, consumer spending surged in April 2022.
In a light week of economic reporting, the major news encompassed the latest GDP reading, which fell to the lowest level since spring 2020.
While mortgage markets stay volatile, the unemployment rate fell to the lowest level since early 2020 as inflation came in on target.
This week, mortgage rates continued their shockingly swift while Powell tightened monetary policy further.
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.
Last week, mortgage markets experienced daily volatility as the Russia-Ukraine conflict led to soaring demand for mortgage-backed securities.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
With Wednesday’s Federal Reserve meeting, the continual conversation revolving the Fed tapering bond purchases took an interesting turn.
Capping off last year, the United States experienced strong 2021 home sales after they notoriously plummeted throughout a sluggish 2020.