Wednesday - June 29
The final read on Q1 2022 Gross Domestic Product came in at -1.6% from -1.5% as recession fears loom. Right now, Q2 is forecasted at an anemic 0.3%. Q2 2022 GDP will be released on July 28. Recession signals have ramped up this week with the Consumer Confidence number falling hard as respondents expressed concern about energy and food costs as well as the future expectations.
After recently hitting highs seen in November 2008, mortgage rates eased in the MBA's latest survey. The 30-year fixed-rate mortgage fell 14 basis points to 5.84% with 0.64 points for the week ended June 24, 2022, reports the MBA. Within the data it showed that the Market Composite Index, a measure of total mortgage application volume, gained 4.2%, the Refinance Index fell 3.1% and the Purchase Index was up 8%. Spokesperson Joel Kan said, "The decline in mortgage rates led to a slight increase in refinancing, driven by an uptick in conventional loans. However, refinances are still 80 percent lower than a year ago and over 60 percent below the historical average."
Q1 economic activity in the red. Recession signals abound. Mortgage rates decline.
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