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  • The economy grew at the fastest pace in nearly 2 years last quarter, fueled by a surge in consumer spending and cooling inflation.
  • Initial jobless claims rose slightly last week but were still in ultra-low territory, staying near lows last seen in January.
  • The federal government finished its fiscal year in September with a $1.7 trillion deficit, fueling rising bond yields and higher mortgage rates.

Housing News

  • New home sales surged by 12%, reaching their highest level in more than a year. Median home prices fell as builders wooed buyers with discounts.
  • Pending home sales also rose in September, despite higher mortgage rates. Sales were still down 11% from last year due to tight inventory.
  • 24% of Americans surveyed by allstarhome.com would buy a haunted home and pay an average $250K. 16% believe their own home is haunted. 

 

Market Minute Report - Mortgage News