While this week showed little major news, the ISM national services index demonstrated unexpected gains in November 2022.
In a packed reporting week, the November 2022 Federal Reserve speech acknowledged lower inflation levels throughout the United States.
In a relatively quiet week for mortgage markets, investors saw steady job gains in the leisure and hospitality sectors.
In a light week of economic reporting, the major news encompassed the latest GDP reading, which fell to the lowest level since spring 2020.
Last month, March 2022 mortgage rates soared at an unexpectedly fast pace as the market stays volatile this year.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
This week, the key Employment report revealed enormous job gains for the United States labor market, leading to higher mortgage rates.
This week saw steady inflation results while the manufacturing sector performed better. Overall, the economic data revealed no significant surprises.
In June 2021, the United States saw attractive mortgage rates alongside continually looming inflation. As a matter of fact, annual inflation rose to its highest level in June since August 2008.