Bank Failure Leads to Latest Plunge in Mortgage Rates
Bank failures in the US and Europe completely overwhelmed the economic reports in driving financial markets this week.
Bank failures in the US and Europe completely overwhelmed the economic reports in driving financial markets this week.
February 2023 mortgage rates faced high levels of volatility, later reaching November 2022 highs after strong Employment data came out.
Labor market strength is at at the forefront of a week packed with major economic news, including daily volatility in mortgage markets.
After 2022 demonstrated recent record highs, the new year kicked off with lower January 2023 mortgage rates.
Heading into the December 2022 mortgage markets, investors widely expected the Federal Reserve to increase interest rates by 50 basis points.
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.
While the December 2022 Fed meeting stole the show this week, a wide range of reporting proved favorable for mortgage rates.
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.
After a long year of rising inflationary pressures, November 2022 markets now highlight change of pace heading into 2023.