In the release of the most anticipated weekly economic data, August 2022 CPI showed an 8.2% annual inflation jump.
This week, the highly anticipated labor market data came out, highlighted with the surprising drop in the August 2022 unemployment rate.
After months of upward momentum, July 2022 mortgage markets finally reflected reduced inflationary pressures.
As the Federal Reserve remains aggressive against inflation, the new July CPI data showed a sharp decline.
In recent months, high inflation (and higher mortgage rates) took a large toll on mortgage application volumes.
In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
With the release of the April 2022 Core CPI data, inflation began to ease. This modest inflation decline allowed mortgage rates to stabilize.
As expected the Fed announced a rate hike this week in their latest step to combat inflation while Employment neared its consensus.
As investors focused heavily on the high inflation, mortgage rates rose to their highest levels since late 2018.