Mortgage Rates Inch Up - 1/28/2022
- The Fed didn’t raise policy rates at this week’s meeting but did signal a possible March hike. Markets are now pricing in up to 6 hikes in 2022.
- Economic growth accelerated by more than forecast in the 4th quarter, fueled by the rebuilding of inventories and a pickup in consumer spending.
- Fewer workers applied for unemployment benefits last week, a sign the job market continues to recover from the impact of COVID-19.
- Case-Shiller reports home prices surged 18.8% year-over-year in November, even as the housing market entered a normally slower season.
- New home sales jumped by 11.9% to a 9-month high in December, boosted by a severe shortage of previously owned houses on the market.
- A total of 6.12 million previously owned homes were sold in 2021, the most since 2006, despite an acute shortage of available inventory.