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MarketMinute | Home price increases persist

Sep 29

4:02

AM

Category | Markets in a Minute

Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation.

Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending.

Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.

Housing News

Pending home sales dropped 7.1% for the month in August, as mortgage rates surged to levels not seen in 20 years.

U.S. house prices rose in July, up 0.8% from June and 4.6% year over year, according to the FHFA House Price Index.

Purchase mortgage apps were down 2% for the week and 27% behind last year’s pace.

MarketMinute | Home Values Continue to Rise

Sep 22

6:59

AM

Category | Markets in a Minute

The Fed kept policy rates unchanged at the September meeting. They signaled one more hike in 2023, while cuts are less likely in 2024.

Jobless claims fell last week to the lowest level since January, indicating a healthy labor market.

The average credit card interest rate hit an all-time high. Total credit card debt topped $1 trillion for the first time ever.

Housing News

High mortgage rates pushed homebuilder confidence to the lowest level since April, as more buyers are waiting to purchase.

Housing starts fell to the lowest level since 2020. However, a jump in permits suggests optimism.

Existing home sales fell to a 7-month low. Low inventory has helped push values higher and drive up the median selling price to $407,100.

MarketMinute | How Much Did Purchase Mortgage Apps Fall?

Sep 15

3:30

AM

Category | Markets in a Minute

Retail sales showed signs of slowing in August, as higher gasoline prices limited consumers’ discretionary spending.

Gas prices fed the year's biggest monthly rise in consumer inflation, though the annual increase was the smallest in almost 2 years.

Wholesale inflation also rose in August, more than expected. Rising inflation can lead to higher mortgage rates.

Housing News

Black Knight reports P&I payments topped $2K for more than half of new July mortgages and over $3K for almost a quarter.

Redfin found return-to-office mandates are behind the decision to move for 10.1% of soon-to-be home sellers.

Purchase mortgage apps fell 27% from a year ago, though they were up 1% for the week. Overall apps fell to the lowest level since 1996.

MarketMinute | How high are homeowners willing to go on their next rate?

Sep 8

3:04

AM

Category | Markets in a Minute

Unemployment claims fell to the lowest level since February, underscoring a strong labor market and businesses’ reluctance to let go of workers.

The economy added 187K new jobs in August, more than was forecast. However, unemployment ticked up slightly from 3.5% to 3.8%.

The service sector expanded for the 8th straight month in August, pushing bond yields higher and pressuring mortgage rates.

Housing News

Despite last week’s lower rates, purchase applications fell 2% for the week and were 28% lower year over year.

A recent survey shows 71% of current homeowners would not accept a rate above 5.5% on their next home purchase mortgage.

NAR reports unmarried couples now make up 18% of all first-time homebuyers, up from just 4% in 1985 and the highest level ever recorded.

MarketMinute | People are buying despite higher rates?

Sep 1

3:19

AM

Category | Markets in a Minute

Americans felt more pessimistic about the economy in August after 2 months of growing confidence, mainly due to inflation worries.

Job openings dropped to the lowest level in nearly 2-1/2 years, and resignations declined in July, as the labor market gradually slowed.

The Fed's preferred measure of inflation posted the smallest back-to-back increases in July since late 2020, showing inflation continues to cool.

Housing News

Pending home sales rose in July for the 2nd month in a row, despite elevated prices, rising mortgage rates and extremely limited inventory.

Housing prices showed further signs of stabilizing in June, according to 2 reports that signaled sales prices may have bottomed out.

Mortgage applications rose for the first time in 5 weeks despite interest rates hovering at recent highs, up 2.3% from the previous week.