Mortgage rates have increased this week, as investors are finding it difficult to reconcile recent positive economic news with the generally bearish expectations of the last twelve months. This news implies that the economy may be further along in its recovery than previously thought.
The positive news includes a decrease in the unemployment rate, increasing consumer spending, and increases in infrastructure spending and other investments. This news is a welcomed reversal of the market trend over the past year which saw an increase in loan defaults, rising mortgage delinquencies and falling home values.
Bullet Point Summary
• Unemployment rate decreased
• Consumer spending increased
• Infrastructure investments increased
• Need to reconcile recent positive news with bearish expectations of last 12 months
• Reversal of market trend of past year (increased loan defaults, rising mortgage delinquencies, falling home values)
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-reach-their-2023-peak/(subscription required)
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