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Mission Chronicle Newsletter July 24, 2023

Mortgage rates continued to press downward last week after the previous week’s CPI data pointed to
easing inflationary pressures. Only a few weeks ago, the market was expecting the Federal Reserve to
raise rates by another half-point at its meeting that takes place on Tuesday and Wednesday. Now
markets are universally convinced that the Fed will only raise rates by one-quarter of a point. Retail
Sales and Industrial Production also helped generate downward pressure by coming under
expectations. While many economists believe that the economy is cooling off, inflation still remains
above the Fed’s target rate, and the job market remains very hot.

Mission Chronicle Newsletter Feb 20, 2023

Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of itstightening cycle, rates blasted upward last week. While there are signs that inflation is cooling and theeconomy slowing, the likelihood of the Fed raising rates for longer than expected and keeping them athigher levels before reducing them […]

Mission Chronicle Newsletter Feb 6, 2023

The Federal Reserve meeting ended as market participants expected, with a quarter-point increase anda slightly more dovish-sounding policy statement. Mortgage rates were already positioned for theincrease, so the rate bump did not impact mortgage rates. However, with Consumer Confidence andthe ISM Manufacturing Index posting below-expectations reading and a more dovish-sounding policystatement from the Fed, mortgage […]

Mission Chronicle Newsletter Dec 26, 2022

Mortgage rates held relatively steady last week as most economic news came in better than expected.Consumer Confidence bounced back upward by 6.9 points to the highest level it has seen since spring.The third quarter’s GDP was once again adjusted upward for a final 3.2% reading. The core reading ofthe PCE Prices came in at 0.2%, […]

Mission Chronicle Newsletter Dec 12, 2022

Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis beginning to impact inflation. The ISM Services Index moved upward, and the Producer Price Indexcame in a bit over expectations. However, recent comments from the Fed have led the market toanticipate a 50 basis point increase at this […]

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