• The Fed's preferred gauge of inflation as measured by personal spending increased 3.5% year over year in October, meeting expectations.
  • Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024.
  • The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending.

Housing News

  • New home sales fell last month, coming in below analysts' expectations. The drop was likely due to mortgage rates’ reaching a 2023 high. 
  • Pending home sales also dropped in October, hitting a record low. Limited housing inventory added to the challenge of affordability.
  • However, mortgage rates have come down from October's highs. Purchase mortgage applications were up 5% for the week.

Market Minute Report - Mortgage News