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  • Both new jobless claims and continuing claims fell last week. Layoffs remain low even as hiring slows across the broader labor market.
  • Second quarter GDP was revised up to 3.3%, more than expected. Growth was driven by strong consumer spending and fewer imports.
  • Consumer confidence slipped in August as worries about finding jobs, tariffs, and inflation weighed on household optimism.

Housing News

  • New home sales fell in July after June’s sharp upward revision. The housing market is still struggling as consumers wrestle with affordability.
  • FHFA reports house prices rose 2.9% year over year but were unchanged from the 1st quarter, pointing to a slowdown in growth nationwide.
  • Pending sales cooled again in July, reflecting buyer caution in a market where affordability remains a challenge.

Market Minute Report - Mortgage News