Mortgage rates declined for the second week in a row.

While strong retail sales figures drove rates higher early in the week, rates declined later on fears of recession. Large retailers reported disappointing earnings last week and markets reacted with declines in equity prices and “risk off” trades, driving rates lower. In housing markets, existing home sales and housing starts both declined, driven by a lack of inventory and higher mortgage rates. Despite rising rates and home prices, the housing market remains competitive, with homes selling very quickly.

Investors will be reacting to plenty of data releases later this week related to economic growth and inflation indicators that could further influence rates