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  • The Fed kept its policy rate unchanged at the March meeting. Fed members expect to cut policy rates twice in 2025.
  • Retail sales were up by less than forecast in February, and January was revised downward to mark the biggest drop since July 2021.
  • Initial jobless claims rose slightly last week. Continuing claims also rose, with more people remaining jobless longer than a year ago. 

Housing News

  • Existing home sales unexpectedly increased in February, as rising supply and falling mortgage rates pulled buyers back into the market.
  • Housing starts were stronger than expected in February, though builders continue to face persistent shortages of labor and buildable lots.
  • Builder confidence fell to a 7-month low in March due to economic uncertainty, tariff threats, and elevated construction costs.

Market Minute Report - Mortgage News