• Consumer prices came in better than expected in November, up just 0.1% from October and up 7.1% over last year, signaling inflation is ebbing.
  • Consumers pulled back on spending in November, with retail sales for the month declining 0.6%, more than the expected 0.3% drop.
  • The Fed raised policy rates 0.5% this week and signaled more rate hikes to come in 2023 as it continues to fight inflation.

Housing News

  • Although still lower than a year ago, purchase mortgage applications were up 4% last week. Refinance applications rose 3%.
  • Home office updates and induction cooktops are in for 2023, while high pile carpet, subway tiles, and open shelves are losing popularity.
  • NAR predicts a total of 4.78 million existing home sales in 2023, down from the 5.13 million existing home sales expected to close in 2022. 
  • Market Minute Report - Mortgage News