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.
The April 2023 MBS volatility presented a mixed bag of economic indicators and data in the banking crisis aftermath.
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.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
This week’s major economic data revolved heavily around the January 2023 consumer spending report, which came in much stronger than expected.
CPI report has investor’s focus during a light week in economic news. The held no surprises with lower mortgage rates ending the week.