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  • Minutes from last month's Fed meeting showed officials were concerned that inflation was easing but wasn't moving lower in a convincing fashion. 
  • Mortgage rates rose this week as markets reacted to stronger than expected inflation data that makes it less likely the Fed will cut rates.
  • Jobless claims last week also fell more than expected and continued claims also fell, suggesting the labor market remains tight.

Housing News

  • The number of new listings continues to grow, with 54,769 listings last week. That's down from the 55,008 listings the same week last year. 
  • Purchase mortgage applications were down 5% for the week and were 23% lower than a year ago, but refinance apps jumped 10% for the week.
  • As of February, the U.S. had 550 “million-dollar” cities, or areas where the typical home is worth more than $1 million, according to Zillow.

Market Minute Report - Mortgage News