Market Perspective

The closely watched employment data released on Friday fell far short of expectations, increasing concerns about the strength of the labor market. As a result, mortgage rates ended the week near the lowest levels of the year.

Over the past week, the major economic data was mixed, and its impact was relatively small. Inflation moved higher, while the labor market data weakened. Mortgage rates ended the week with little change, remaining near the lowest levels of the year.

Over the past week, investors were focused on a speech by Federal Reserve Chair Jerome Powell. While far from a sure thing, Powell suggested that cutting rates was a reasonable option given current economic conditions, which was viewed as a win by investors hoping for looser monetary policy. As a result, mortgage rates ended the week a little lower.

Over the past week, economic reports revealed that consumer spending remained solid and inflation was stronger than expected. As a result, mortgage rates ended the week a bit higher.