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  • The Labor Department reports July job openings slumped to their lowest level since January 2021.
  • In another sign of a slowing labor market, companies added fewer new jobs in August than any month since the start of 2021, according to ADP.
  • However, the US services sector expanded at a modest pace for a 2nd month in August, though there are signs momentum is fading.

Housing News

  • Mortgage refinance demand is 94% higher than a year ago. Purchase apps rose only 3% for the week and were 4% lower than a year ago.
  • Inventory of available single-family homes rose slightly to 704K last week, though the pace of growth has slowed.
  • August was the most affordable month for housing since February due to slower home price growth and lower rates, according to ICE.

Market Minute Report - Mortgage News