Steady Job Gains in the Leisure and Hospitality Sectors
In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
Although the latest core PCE met expectations, investors grow increasingly concerned with slowing global economic growth.
As expected the Fed announced a rate hike this week in their latest step to combat inflation while Employment neared its consensus.
In a light week of economic reporting, the major news encompassed the latest GDP reading, which fell to the lowest level since spring 2020.
Last month, March 2022 mortgage rates soared at an unexpectedly fast pace as the market stays volatile this year.
While mortgage markets stay volatile, the unemployment rate fell to the lowest level since early 2020 as inflation came in on target.
This week, the key Employment report revealed enormous job gains for the United States labor market, leading to higher mortgage rates.
With the U.S. facing a tight labor market, record-setting inflation, and supply chain issues, December 2021 mortgage markets fluctuated.
The first week of 2022 saw mortgage rates rise to kick off the New Year, pushing them to their highest levels since April of 2021.
Closing out 2021, the United States achieved a record-setting Core PCE Price Index. In doing so, Core PCE hit its highest level since 1989.