• On the heels of last week's better than expected consumer inflation report, new wholesale inflation data also came in better than expected.
  • Retail sales surged by 1.3% in October as consumers continued spending despite inflation, showing the economy is not yet slowing.
  • Jobless claims dropped by 4K last week despite expectations for an increase, demonstrating continued labor market strength.

Housing News

  • Housing starts were down 4.2% in October, with single-family projects dropping to the lowest level in nearly 2.5 years. Permits fell 2.4%.
  • Builders continue to lose confidence. The NAHB housing market index fell for an 11th straight month to the lowest level since June 2012.
  • Mortgage application volumes moved higher for the first time in 8 weeks, with purchase apps up 4% for the week. 

Market Minute Report - Mortgage News