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  • The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes.
  • Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector.
  • However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth.

Housing News

  • Residential construction spending increased 0.6% in August. Private sector spending for single-family homes rose 1.7%.
  • Climbing interest rates led to a 6% drop in mortgage applications last week. Apps fell to the lowest level since 1996.
  • The CFPB says lenders denied loan applications due to “insufficient income” more often last year than any time since tracking began in 2018. 

Market Minute Report - Mortgage News