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  • Both new and continuing jobless claims were higher than expected last week, possibly due to the severe winter weather.
  • Last month, companies announced the largest number of job cuts for any January since 2009, according to the Challenger jobs report.
  • The partial government shutdown lasted only a couple of days, but it pushed labor and inflation reports to next week.

Housing News

  • ICE Mortgage Technology reports over 30% of homeowners have a mortgage rate above 5%, with about 20% having rates over 6%.
  • Harsh winter storms hit much of the country, keeping potential buyers home and leading to a 9% drop in total mortgage application volume.
  • Apartment rents fell in January to the lowest level in 4 years. The national median rent was $1,353, a drop of 1.4% from last year.

 

Market Minute Report - Mortgage News