As investors focused heavily on the high inflation, mortgage rates rose to their highest levels since late 2018.
Rising inflation levels continued to induce massive daily market volatility for February 2022 mortgage rates.
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.
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.
As holiday consumer spending surges, the Federal Reserve plans adjustments for the recent colossal inflation, hitting a 30-year high.