May 2022 Mortgage Market: Rates Plummet with Limited Activity
Taking a look back at the May 2022 mortgage market, investor expectations surrounding inflation stabilized to some degree.
Taking a look back at the May 2022 mortgage market, investor expectations surrounding inflation stabilized to some degree.
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.
This week, mortgage rates continued their shockingly swift while Powell tightened monetary policy further.
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.
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.
The theme of this week revolved around surprising consumer spending growth. As a result, retail sales saw an overall surge.
Investors focus on targeted MBS buying as Fed nears goals. However, Fed Chair Powell did not provide an updated timeline for policy changes. As a result, mortgage rates ended the week slightly higher.