• The average contract rate on a 30-year fixed-rate mortgage jumped by 23 basis points to 6.62% for the week ended Feb. 17 following stronger-than-expected retail sales and labor market data as well as still robust monthly inflation readings, which compelled investors to up their bets that the U.S. central bank will have to keep raising its policy rate through the summer.
• Mortgage rates soared to more than 7% last October as the central bank raised its benchmark policy rate in 2022 at the fastest pace in 40 years, but had began to ebb after signs late last year that inflation was on the wane. The interest-rate sensitive housing sector has borne the brunt of the Fed’s actions.