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  • Job openings fell last month to 6.9 million, and hiring dropped to the lowest level in almost 6 years, signs of a sluggish labor market.
  • Consumer confidence improved slightly in March, though households remain uneasy about the job market and rising inflation. 
  • After 3 months of declines, February’s retail sales saw their biggest increase in 7 months, suggesting the economy is on solid footing.

Housing News

  • Home prices rose 1.6% year over year in January, according to the FHFA Home Price Index. The monthly gain was 0.1%.
  • The NAR Housing Affordability Index in February reached its highest level since March 2022, after 8 consecutive months of improvement.
  • Last week’s rising rates, driven by inflation fears tied to the Iran conflict, pushed mortgage applications down 10.4%.

Market Minute Report - Mortgage News