After months of upward momentum, July 2022 mortgage markets finally reflected reduced inflationary pressures.
Job Gains were better than predicted despite a consensus forecast of just 250,000, the economy added 372,000 jobs in June.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
As investors eagerly awaited the European Central Bank meeting, the latest decision on inflation came as a blindside.
This week, the key Employment report revealed enormous job gains for the United States labor market, leading to higher mortgage rates.
As consumer spending drops, investors focus on two major pieces of data this week: retail sales and inflation.
In back-to-back months, the United States realized wondrous inflation. Not only did inflation reach a 30-year high in October, it did so again immediately after in November.
The latest few months highlight the trend of the United States resurgence suffering. Key data revealed mixed results throughout the economy.
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.