Mortgage rates

But private-label securitization issuance this year is expected to be lower than 2021's activity.

LendingTree participants made 11 fixed-rate mortgage offers for every one ARM in the first half of 2022. Last year it was a 41-to-1 ratio.

Investors had largely factored in an anticipated increase in the federal funds rate, but latest GDP numbers could result in more volatility.

Analysts say draining reserves from the banking system will reach a practical limit in the first quarter.

Largely, economists surveyed agreed with the decision by the Fed to continue to raise interest rates to slow inflation.

The current 30-year rate is now nearly double its average from a year ago.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.

Although refinances picked up after the July 4th holiday, they failed to offset a larger decline in purchases.

Higher rates are also affecting the share of loans that actually go all the way to closing, Black Knight found.

The 30-year average has made a steep reversal over the past two weeks following a large acceleration in mid-June.