Optimism spread across the mortgage industry at the start of 2023. Signs that the disinflationary process was working raised hopes that the Federal Reserve may stop the federal funds rate hikes sooner rather than later. Mortgage rates also dropped about 30 basis points in January, hitting the lowest level since September 2022.
But February brought a dose of reality back to the markets. On February 3, the Bureau of Labor Statistics report showed the total nonfarm payroll employment rose by 517,000 in January, a higher uptick than expected.
And, this week, details ⇒
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