Mortgage rates

Better-than-expected economic data helped lead to the steep acceleration of the 30-year average, while the 15-year also shot up.

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

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

The latest Federal Reserve move to combat inflation led to a weekly increase of more than 50 basis points.

Rising interest rates eliminated any refinance incentive for 30% of the loans analyzed by Standard & Poor's, marking a turnaround from the start of the year when prepay speeds were expected to increase

A positive employment report, robust consumer spending and Fed comments on inflation counter measures drove rates upward.

The inventory shortage is beginning to ease, while demand is slowing due to high prices and rising mortgage rates.

With anticipated Federal Reserve moves already factored in, inflation and jobs data could play a bigger role in driving movement over the near term.

Averages rose sharply across the board, as investors focus on the central bank's response to ongoing economic and geopolitical developments.

Executives speak on the uncertainty created by the Russia-Ukraine war and Federal Reserve announcements.