MarketMinute | Lower rates helped move some potential homebuyers off the fence - Greenway Mortgage Blog

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MarketMinute | Lower rates helped move some potential homebuyers off the fence

Sep 12

4:31

AM

Category | Markets in a Minute

Consumer inflation rose in August to 2.9% year-over-year, the fastest pace of inflation since January. Tariffs are seen as the primary driver.

After jumping in July, wholesale inflation decelerated in August and was weaker than expected. The slowdown supports possible Fed rate cuts.

Jobless claims last week reached their highest level in 4 years, signaling layoff activity may be on the rise amid a sharp slowdown in hiring.

Housing News

Lower rates helped move some potential homebuyers off the fence. Purchase apps rose 7% for the week and were 23% higher than a year ago.

ICE's September Mortgage Monitor shows buying a home takes 31.1% of a buyer’s median income, down from October 2023's recent peak of 35.2%.

FNMA reports consumers grew less confident about housing in August, due to job worries, tougher selling conditions, and concern over future prices.