6-12-2023 Market Updates

June 12, 2023 – As the market awaits the Federal Reserve’s decision on rate hike in their upcoming meeting, inflation concerns persist and continue to keep mortgage rates elevated. Bank of Canada’s first rate-increase since January applied upward pressure on yields, but higher-than-expected jobless claims reported late last week provided a counterbalance that push rates down. While the market generally believes that the Fed will leave the policy rate untouched when they meet in the next couple of days, a hotter-than-expected Consumer Price Index on Tuesday could derail their plan and make things more complicated. With foreclosure activity slowly rising and home equity falling for the first time in over a decade, a pause in rate hike is an encouraging sign that will boost both supply and demand and will provide some stability to the market. Weekly Infographic (1)

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