• A recent Fed survey showed the economy held steady in early January. Some regions experienced modest declines in activity.
  • Prices for wholesale goods and services fell sharply in December, providing another sign that inflation is beginning to ease, though still high.
  • December's retail sales fell by the most in a year, and business equipment production slumped, indicating the economy may be losing momentum.

Housing News

  • Homebuilder sentiment posted an unexpected gain in January, rising for the first time in 12 months.
  • Single-family homebuilding rebounded with an 11.3% increase in December. Total new home construction fell for a 4th straight month.
  • Mortgage application volume jumped nearly 28% for the week, with purchase apps rising 25% over the previous week. 

Market Minute Report - Mortgage News