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  • Consumer inflation remained steady in December, still above the Fed's target and still causing affordability concerns for many Americans.
  • Wholesale inflation was softer than expected but remained stubbornly high in November, a potential signal consumer inflation won't fall soon.
  • Retail sales increased in November by the most since July, suggesting the economy maintained its strong pace of growth in the 4th quarter.

Housing News

  • The U.S. Census Bureau reports new home prices fell to a 4-year low in October. The median price hit $392,300, down 8% from a year earlier.
  • Existing home sales ended the year strong with a 5.1% jump in December. The median home price was $405,400, up 0.4% year over year, per NAR.
  • After rates dropped last week, mortgage purchase apps were up 16% for the week and 13% year over year. Refi apps surged 40% for the week.

Market Minute Report - Mortgage News