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  • The monthly JOLTs report showed a drop in job openings during December. Hiring, voluntary quits, and layoffs held steady.
  • Treasury Secretary Bessent said the Trump administration will focus on driving the 10-year Treasury yield lower, which may help mortgage rates.
  • New tariffs on Canada and Mexico were delayed for 30 days, helping mortgage rates remain at current levels. 

Housing News

  • Purchase mortgage applications fell 4% from the previous week, though they were flat from the same week a year ago.
  • Realtor.com reports more sellers are offering price cuts, with 15.6% dropping prices last month compared to 14.7% in January of last year.
  • The NAHB says tariffs could push up new home prices. More than 70% of imported softwood lumber and gypsum come from Canada and Mexico.

Market Minute Report - Mortgage News