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MarketMinute | How are homebuilders feeling these days?

Mar 18
4:26
AM
Category | Markets in a Minute

  • Wholesale inflation climbed 0.8% in February, lower than estimates but still up 10% from last year, tying January for the biggest gain ever.
  • February’s retail sales were lower than expected. The 0.3% gain shows consumers continued to spend but were impacted by rising prices.
  • As anticipated, the Fed raised policy rates 0.25% this week to help fight inflation, which has driven up mortgage rates recently.

  • Homebuilder sentiment is still very bullish, though it is down slightly from its recent peak due to higher mortgage rates and rising construction costs.
  • New housing starts rebounded sharply in February, as the drag from cold weather eased. Permits fell slightly but remain at high levels.
  • Purchase applications were up 1% for the week. However, rising mortgage rates have dampened refi demand, with apps down 49% from a year ago.
 

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