MarketMinute | A better week for rates and apps - Greenway Mortgage Blog

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MarketMinute | A better week for rates and apps

May 10

4:09

AM

Category | Markets in a Minute

The DJIA stretched its winning streak to 6 straight sessions this week, closing above 39K points for the first time in 5 weeks.

This year, consumers will borrow an estimated $334 billion through "buy now, pay later" loans, which often are not reported to credit agencies.

The May jobs report showed 175K new jobs in April, a 6-month low. Labor market declines open the door for the Fed to cut rates sooner in 2024.

Housing News

According to the New York Fed, renters put the probability of ever owning a home at a record low of 40.1%, a decrease from 44.4% a year ago.

NAR reports home prices trended up in 205 of 221 metro areas during the first quarter, with 30% experiencing double-digit gains.

Rates dipped last week, causing refinance apps to increase 5% for the week. Purchase apps rose 2% but were 17% lower than a year ago.