February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
High inflation has investors mostly taking their cue from the Fed during a very light week for economic data
Labor market strength is at at the forefront of a week packed with major economic news, including daily volatility in mortgage markets.
While mortgage markets stay volatile, the unemployment rate fell to the lowest level since early 2020 as inflation came in on target.
With the U.S. facing a tight labor market, record-setting inflation, and supply chain issues, December 2021 mortgage markets fluctuated.
As inflation moderates, investors focus on new consumer price index (CPI) findings. During a light week, they looked towards the CPI inflation report for guidance.