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  • Jobless claims rose last week by the most since the onset of the pandemic, underscoring volatility in the labor market this time of year.
  • The Fed cut its policy rate this week, its third cut of the year, even as many officials signaled they didn't support the move.
  • Job openings rose slightly in October, but weak hiring and the lowest quits rate in five years highlight economic uncertainty.

Housing News

  • Fed Chair Powell said Fed actions won’t solve housing market struggles, including the supply shortage or the freeze caused by low-rate mortgages.
  • Active listings in November were nearly 13% higher year over year, but new listings were up just 1.7%, according to Realtor.com.
  • Purchase mortgage applications dropped 2% for the week but were 19% higher than the same week one year ago.

Market Minute Report - Mortgage News