Alongside a wide range of major economic news, another Fed rate hike created a volatile week for mortgage markets.
Following news surrounding the banking sector's ongoing challenges, March mortgage-backed securities increased.
New labor market data invoked mixed feelings regarding record low unemployment and steadily high inflation.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
CPI report has investor’s focus during a light week in economic news. The held no surprises with lower mortgage rates ending the week.
While the December 2022 Fed meeting stole the show this week, a wide range of reporting proved favorable for mortgage rates.
While this week showed little major news, the ISM national services index demonstrated unexpected gains in November 2022.
In a packed reporting week, the November 2022 Federal Reserve speech acknowledged lower inflation levels throughout the United States.
After a long year of rising inflationary pressures, November 2022 markets now highlight change of pace heading into 2023.