While much of this week’s economic data met investor expectations, consumer spending surged in April 2022.
Last month, investors focused on elevated inflation levels on as April 2022 mortgage rates climbed to their highest levels since 2009.
With the release of the April 2022 Core CPI data, inflation began to ease. This modest inflation decline allowed mortgage rates to stabilize.
Last month, March 2022 mortgage rates soared at an unexpectedly fast pace as the market stays volatile this year.
As investors focused heavily on the high inflation, mortgage rates rose to their highest levels since late 2018.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
This week, the key Employment report revealed enormous job gains for the United States labor market, leading to higher mortgage rates.
Capping off last year, the United States experienced strong 2021 home sales after they notoriously plummeted throughout a sluggish 2020.
As consumer spending drops, investors focus on two major pieces of data this week: retail sales and inflation.