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  • Consumer prices increased the most in 1.5 years in January, reinforcing the Fed's message that it was in no rush to resume cutting policy rates.
  • In Congressional testimony, Fed Chair Powell said the economy is doing well and the Fed can take its time to decide on future policy rate cuts.
  • New applications for unemployment benefits fell last week, suggesting the labor market remained stable early in February. 

Housing News

  • Purchase mortgage applications declined again, falling 2% for the week. Demand was 2% higher than the same week a year ago.
  • ICE reports a 22% growth in for-sale inventory in 2024. At the current pace, the market would return to pre-pandemic inventory by mid-2026.
  • Rising rental supply is fostering a renter-friendly market, but slowing multifamily construction may tighten the market after this year.

Market Minute Report - Mortgage News