• Inflation fell for the 8th straight month in February, reaching the lowest level since September 2021. It remains higher than the Fed's 2% goal.
  • Although more jobs were created in February than expected, wage growth came in slightly slower, which helps the outlook of reduced inflation.
  • Retail sales fell in February after surging in January, suggesting that consumer spending is slowing down in the face of high inflation.

Housing News

  • Single-family homebuilding and permits for future construction rebounded in February, offering hope the housing market is stabilizing.
  • Home builder confidence also improved for the 3rd straight month, despite high construction costs.
  • Purchase apps rose 7% last week. We may see an even bigger increase next week after this week’s rate drop. 

Market Minute Report - Mortgage News