The U.S. economy expanded at a 6.9% annualized rate in the final three months of 2021, triple the pace of the prior quarter, as Covid-19 infections spiked to record highs.
The Fed issued an addendum to its traditionally sparse statement that outlined how it plans to reduce its record $8.4 trillion portfolio of Treasuries and mortgage bonds.
Phoenix led the 20-city index, as it has for more than two years, posting a 32.2% annualized advance in November, according to S&P Dow Jones Indices data.
Today's red-hot pace of inflation likely will cool to about 2% by 2022’s end, about a third of its current rate, according to Treasury Secretary Janet Yellen.
The retreat in affordability came as the median U.S. home price rose to $353,900 in November, the highest ever recorded for the month.
This week’s jump in mortgage rates shrank the pool of eligible borrowers who would benefit from a refi to the lowest level since 2019, Black Knight said.
The average U.S. rate for a 30-year fixed mortgage jumped by almost a quarter of a percentage point this week, Freddie Mac said.
The Fed's signal last week that it was getting ready to shrink its balance sheet was a "big surprise" to the financial markets, a Schwab report said.
