In a week marked by a lack of significant economic developments, housing starts surged as mortgage markets experienced a period of calm.
As the week comes to a close, mortgage rates reached March 2023 levels as investors shifted their focus away from banking.
After a muddling 2022, refinance applications soared 10% week-over-week. This showed signs of life in the mortgage industry.
This week, economic markets saw mortgage-backed securities experience little change, despite significant news from the housing sector.
This week, mortgage-backed securities dropped as consumer spending data fell short. Meanwhile, the inflation data matched expectations.
Taking a look back at March 2023 mortgage rates, the big news of the month stemmed from the volatile 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.