While much of this week’s economic data met investor expectations, consumer spending surged in April 2022.
With the release of the April 2022 Core CPI data, inflation began to ease. This modest inflation decline allowed mortgage rates to stabilize.
In a light week of reporting, March home sales fell as the real estate market grew increasingly aggressive.
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 week, mortgage markets experienced daily volatility as the Russia-Ukraine conflict led to soaring demand for mortgage-backed securities.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
Capping off last year, the United States experienced strong 2021 home sales after they notoriously plummeted throughout a sluggish 2020.