MarketMinute | Housing Inventory is Inching Up - Greenway Mortgage Blog

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MarketMinute | Housing Inventory is Inching Up

Feb 23

2:10

AM

Category | Markets in a Minute

New unemployment claims fell unexpectedly last week, suggesting that job growth likely remained solid in February.

Minutes from their last meeting showed Fed members were more worried about the risk of cutting rates too soon than keeping them high too long.

After 2 months of solid improvements, consumer sentiment hit a lull in February. Sentiment still ticked up slightly.

Housing News

Single-family production improved slightly in January, though a decline in multifamily construction pushed overall housing starts down.

Existing home sales rose 3% to start the year. The inventory of homes for sale in January increased but is still at a low 3-month supply.

Mortgage rates jumped last week, pushing applications lower. Purchase apps fell 10% for the week and were 13% lower than a year ago.