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  • Orders for long-lasting manufactured goods fell by the most in 4 years in January, a sign the economy lost momentum at the start of the year. 
  • Consumer confidence fell in February after 3 straight monthly increases due to concerns about the labor market and the presidential election.
  • The Fed's favored inflation gauge, the PCE index, showed prices picked up in January, though it was the smallest annual increase in almost 3 years.

Housing News

  • New home sales ticked up in January. Single-family home sales rose 1.5% from December and 1.8% year over year. 
  • Pending home sales posted their biggest drop in 5 months in January. The NAR blames the weakness on rising mortgage rates.
  • Higher rates also contributed to lower mortgage application volume last week. Purchase apps fell 5%, and total apps were down 5.6%.

 

Market Minute Report - Mortgage News