MarketMinute | Home price increases persist - Greenway Mortgage Blog

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MarketMinute | Home price increases persist

Sep 29

4:02

AM

Category | Markets in a Minute

Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation.

Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending.

Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.

Housing News

Pending home sales dropped 7.1% for the month in August, as mortgage rates surged to levels not seen in 20 years.

U.S. house prices rose in July, up 0.8% from June and 4.6% year over year, according to the FHFA House Price Index.

Purchase mortgage apps were down 2% for the week and 27% behind last year’s pace.