In a light week of reporting, March home sales fell as the real estate market grew increasingly aggressive.
This week, mortgage rates continued their shockingly swift while Powell tightened monetary policy further.
Mortgage markets experienced another volatile week as the Russian invasion of Ukraine dominated headlines.
Last month, January 2022 mortgage rates achieved their highest levels since early 2020 as investors again saw record-setting inflation.
Closing out 2021, the United States achieved a record-setting Core PCE Price Index. In doing so, Core PCE hit its highest level since 1989.
This past week saw luxury home sales rise as the market overcomes age-old housing challenges. Although the market saw little economic news, mortgages rates also rose. Ultimately, investors still focus on higher inflation.
Recent news reflects stunning growth that made mortgage rates soar in February 2021. Across the country, there continue to be positive signs related to the economy as several states drive reopening efforts.
As consumer spending surges again, retail sales also faced a tremendous week. However, investors focused on the spreading coronavirus.
As the housing sector picks up, mortgage rates remained relatively quiet this week as the trade negotiations with China offered little news.
The latest data saw GDP triumph over forecasts, reflecting stronger economic growth this quarter and an unfavorable reaction for rates.