• This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.
  • The segment of U.S. households with $1 million to $5 million in investable assets has jumped almost 60% over the past 16 years.
  • New unemployment claims were down last week. Layoffs remained low even as the still-strong job market showed some signs of cooling.

Housing News

  • Mortgage application volume climbed 2.5% last week as rates fell. Purchase apps rose 3% for the week, and refi apps were up 2%.
  • Inventory was up 0.7% for the week to 567K single-family homes listed for sale. Even in a tight market, 39% of those homes have had a price cut.
  • Of new homes completed last year, 19% had a garage that could hold 3 or more cars. Two-car garages were in 66% of new homes.

Market Minute Report - Mortgage News