• January's manufactured capital goods orders grew by the most in 5 months, ending 2 straight months of declines.
  • Consumer confidence declined in February, as rising prices and growing recession concerns outweighed the near-term strength of the economy.
  • The PCE, a key inflation measure, rose more than expected in January, indicating the Fed has more work to do to bring down prices.

Housing News

  • Pending home sales jumped 8.1% in January, improving for the second straight month, as mortgage rates fell from 2022 highs.
  • The FHFA reported home prices advanced 6.6% in 2022, showing prices still increased, though at a slower rate.
  • Mortgage application volume was 44% lower than the same week one year ago and is now at a 28-year low due to higher rates in February. 

Market Minute Report - Mortgage News