• The Fed maintained the current policy rate at its November meeting and signaled the cycle of increases may be ending.
  • Despite a booming economy, consumer confidence dropped for the 3rd straight month amid persistent inflation worries.
  • Jobless claims rose for the 6th week, signaling the labor market may be cooling. However, job opening data showed layoffs at a 9-month low.

Housing News

  • According to ICE, home prices set a record in August for the 4th consecutive month. Prices rose 0.68% over July's level.
  • The homeownership rate held steady at 66% in the 3rd quarter, according to the Census Bureau. The rate is 3.2% lower than its 2004 peak.
  • Only 562K single-family homes are on the market, far fewer than in any recent year. However, listings were up 1.5% for the week. 

Market Minute Report - Mortgage News