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  • Consumer retail spending grew for the 6th straight month in September, coming in much higher than expected.
  • The Fed's October Beige Book described economic growth as stable or slightly weaker, with easing inflation and a loosening job market.
  • However, jobless claims dipped again last week, indicating the labor market remains tight and could contribute to continuing inflation.

Housing News

  • Homebuilder confidence fell in October to the lowest levels since January. High mortgage rates are dampening builder optimism.
  • New U.S. home construction rose in September, led by an uptick in multifamily groundbreakings. Permits for single-family homes also rose.
  • September's existing home sales dropped to the slowest pace since October 2010, down more than 8% from a year ago. 

Market Minute Report - Mortgage News