• Demand for employment remained high in November as companies looked for workers to fill positions despite worries of a looming recession.
  • Minutes from last month's Fed meeting showed officials were still focused on stamping out inflation but gave few clues about future rate hikes.
  • A December reading of the manufacturing sector showed factory activity slowing down. The prices producers paid their suppliers fell.


Housing News

  • A large drop in mortgage applications last week made headlines. Higher rates were blamed, though apps typically fall some at year’s end.
  • Cash-out refinances will cost consumers more in 2023 due to higher fees from the FHFA. Refis still make up almost one third of mortgage apps.
  • Beginning in March, Freddie Mac will require a first lien mortgage to be at least 12 months old before it can be paid off by a cash-out refinance. 


Market Minute Report - Mortgage News