The major economic data released this week revealed mixed results. This caused some volatility during the week, but mortgage rates ended with little change. In November, the economy added 199,000 jobs, above the consensus forecast of 180,000, but the results for prior months were revised lower by 35,000. The largest gains were seen in health care, government, and leisure/hospitality, while …

While the major economic data released this week caused little reaction, surprisingly dovish (in favor of looser monetary policy) comments from a Fed official were favorable for mortgage markets. As a result, rates ended the week lower.  Prior to this week, Fed officials carefully avoided providing any precise guidance on the conditions or the timing of a cut in the …

Quite simply, the highly anticipated inflation data released this week was lower than expected, which was great news for mortgage markets. Consumer spending also slowed sharply from last month. As a result, rates ended the week lower.  The Consumer Price Index (CPI) is one of the most widely followed inflation indicators. Mostly due to lower energy prices, CPI was 3.2% …

During a very light week for economic reports, market moving events were scarce. After falling sharply last week, mortgage rates ended just slightly higher, still far below their recent peak.  Since the beginning of 2022, the Fed raised the federal funds rate at eleven consecutive meetings and then held steady at the last two. Investors are divided about whether there …

Weaker than expected economic data and a lack of surprises from the Fed initiated a large rally for mortgage markets this week. In particular, the key Employment report and the manufacturing sector data saw downside misses, causing investors to reduce their outlook for economic growth. After reaching their highest levels in over two decades, mortgage rates ended the week sharply …

With major inflation data, the GDP report, and a European Central Bank meeting, it was a volatile week for mortgage markets. These influences were mostly offsetting, however, and mortgage rates ended slightly lower, but still remain near the highest levels in over two decades.  The PCE price index is the inflation indicator favored by the Fed. In September, core PCE, …

While the housing market has been suffering greatly, the overall economy has remained remarkably resilient. This week, consumer spending again was much stronger than expected. As a result, mortgage rates rose sharply, reaching the highest levels in over two decades.  Despite numerous headwinds such as higher prices and credit card rates, consumer spending has continued to exceed the forecasts of …

The events in the Middle East were the dominant influence for mortgage markets this week, while the highly anticipated inflation data came in close to the expected levels. As a result, mortgage rates ended lower, falling from the highest levels in over two decades.  In response to geopolitical events such as the war in Ukraine which create uncertainty and could …

The major labor market data released this week was significantly stronger than expected. As a result, mortgage rates continued to rise, reaching levels not seen in over two decades.  In September, the economy added a massive 363,000 jobs, far above the consensus forecast of 160,000, and the results for prior months were revised considerably higher. Service-related industries contributed 234,000 jobs …

At the start of September, mortgage rates were close to the levels at the start of March and November. In other words, they were high, but they were still well within the range seen over the past year. Rates have climbed significantly higher this month, however, reaching levels not seen in decades.  There are several reasons for the breakout in …