While the December 2022 Fed meeting stole the show this week, a wide range of reporting proved favorable for mortgage rates.
Looking back at October 2022 MBS trends, inflation once again dominated headlines as the Federal Reserve and ECB continue to raise rates.
Following this week’s September 2022 Core PCE report, investors scaled back their outlook as the data matched the overall consensus.
This week saw the release of the highly anticipated August 2022 Employment data. Overall, the report displayed mixed results for the labor market.
As the European Central Bank faces record-high inflation levels, this week’s biggest news marked the first ECB rate increase in 11 years.
In recent months, high inflation (and higher mortgage rates) took a large toll on mortgage application volumes.
This past week saw luxury home sales rise as the market overcomes age-old housing challenges. Although the market saw little economic news, mortgages rates also rose. Ultimately, investors still focus on higher inflation.
As expected, the latest European Central Bank announcement came out this week. After months, they finally announced the expected policy change in its bond purchase program.
Key labor market data revealed mixed results, including dampened job gains missing the mark. However, a better unemployment rate counterbalanced those job gains.