The latest economic data highlights the persistence of high inflation and a tight labor market, which has implications for June MBS (mortgage-backed securities).
Notably, this week's biggest economic story revolved around weakness in the services sector, revealed by the Institute of Supply Management.
After a notable rise in the initial weeks of May, mortgage rates declined amid mixed economic signals and manufacturing contraction.
Alongside a wide range of major economic news, another Fed rate hike created a volatile week for mortgage markets.
Taking a look back at March 2023 mortgage rates, the big news of the month stemmed from the volatile banking sector.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
After two years of exceptionally low mortgage rates, a major change took place in 2022 in relation to wage growth.
Due to Bank of Japan policy change, investors raised their outlook for monetary policy tightening by global central banks. As a result, mortgage rates ended the week higher.