News You'll Use

Mortgage rates moved higher this week, as financial markets stabilized after a volatile few weeks. We heard from a few Fed speakers, the story is that they are sure that the Fed has the tools to handle any further banking issues, and that inflation is still too high. With the banking issues seen earlier this month, the question that the market and the Fed is wanting an answer for is how much banks pull back on lending, thus slowing the economy down. The Fed is also data dependent with regards to rate hikes in terms of inflation and the tight labor market. We will see updated labor market data in the JOLTS Job Opening and the Nonfarm Payrolls data next week.

• U.S. 10-year Treasury closed at 3.54% on Thursday afternoon

• FHFA House Price Index came in higher than analyst's expectations (+0.2% m/m vs expectations of -0.3% m/m)

• S&P CoreLogic 20-city HPI came in mixed to analyst's expectations (-0.43% m/m and 2.55% y/y vs expectations of -0.51% m/m and 2.60% y/y)

• Conference Board Consumer Confidence came in above analyst's expectations (104.2 vs expectations of 101.0)

• Pending Home Sales came in higher than analyst's expectations (0.8% m/m vs expectations of -3.0% m/m)

• Initial Jobless Claims came in above analyst's expectations (198k claims vs expectations of 196k claims)

• Mortgage Applications rose 2.9% this week