As the week comes to a close, mortgage rates reached March 2023 levels as investors shifted their focus away from banking.
The April 2023 MBS volatility presented a mixed bag of economic indicators and data in the banking crisis aftermath.
Latest mortgage market seemed to finally calm after several weeks of extreme volatility due to concerns about the banking sector.
Following news surrounding the banking sector's ongoing challenges, March mortgage-backed securities increased.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
Mortgage rates climbed to the highest levels since November. The spike is directly due to the major inflation data released this week. The data on inflation was stronger than expected.
GDP (Gross Domestic Product) is the broadest measure of economic activity. U.S. happy to see the GDP rose at a rate of 2.9% in the fourth quarter.
Heading into the December 2022 mortgage markets, investors widely expected the Federal Reserve to increase interest rates by 50 basis points.
Due to Bank of Japan policy change, investors raised their outlook for monetary policy tightening by global central banks. As a result, mortgage rates ended the week higher.
While the December 2022 Fed meeting stole the show this week, a wide range of reporting proved favorable for mortgage rates.