American Banker: Mortgage rates jump for third straight week

American Banker, February 23, 2023, Mortgage Rates Jump For Third Straight Week

Although inflation is slowing, the pace of deceleration still has economists expecting further hikes in the federal funds rate this year, sending mortgage averages upward. They could head even higher over the next several days depending on results of upcoming data releases.

“This week, a higher-than-expected print from the Fed’s preferred inflation gauge – the PCE Price index – could cause more policy uncertainty and higher mortgage rate volatility,” said Orphe Divounguy, senior macroeconomist at Zillow Home Loans.

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