• Consumer inflation came in better than expected for October, supporting expectations the Fed may be done raising rates to fight it.
  • Wholesale inflation also came in much lower than expected in October, reversing a 3-month trend and falling by the most since 2020.
  • New unemployment applications were up last week, and continuing claims rose to their highest level in almost 2 years.

Housing News

  • Homebuilder confidence weakened in November, as 36% of builders reported discounting prices an average of 6%. 
  • Mortgage demand climbed to the highest level in 5 weeks after mortgage rates moved lower. Purchase applications rose 3% for the week.
  • Nearly 40% of recent homebuyers younger than 30 used a cash gift from family or an inheritance toward their down payment, according to Redfin.

Market Minute Report - Mortgage News