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, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
With Wednesday’s Federal Reserve meeting, the continual conversation revolving the Fed tapering bond purchases took an interesting turn.
Capping off last year, the United States experienced strong 2021 home sales after they notoriously plummeted throughout a sluggish 2020.
With the recent economic shutdown, mortgage rates dropped slightly to new record-low levels this week, alongside declining GDP.
After unexpected strength, consumer spending spiked retail sales to end the week. However, Thursday’s report caused little reaction.
The latest data saw GDP triumph over forecasts, reflecting stronger economic growth this quarter and an unfavorable reaction for rates.
As analysts place focus on the Fed minutes, mortgage rates fluctuated, ending the week higher than they were.