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  • Consumer inflation met expectations in February, slowing from January’s level and marking the lowest core annual rate since 2021.
  • The budget deficit surpassed $1 trillion for the fiscal year through February but was sharply lower than the same period a year ago. 
  • New jobless claims fell last week, easing concerns about labor market weakness after February’s surprise drop in employment.

 

Housing News

  • Existing home sales grew unexpectedly in February. Lower mortgage rates and steady prices encouraged buyers to step back into the market.
  • Housing supply improved slightly in February. Inventory rose 4.9% to 1.29 million homes, and the median home price reached $398K.
  • Single family housing starts fell in January, and building permits dropped 5.4%. However, multifamily construction surged about 30%.

 

 

Market Minute Report - Mortgage News