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  • The Fed kept its policy rate unchanged at this week's meeting but signaled cuts could come as soon as its next meeting in September.
  • Consumer confidence picked up unexpectedly in July but stayed in the tight range of the past 2 years amid lingering inflation worries.
  • Job openings fell slightly in June, and rates of hiring and quits were both the lowest since 2020, all signs of a softening labor market. 

Housing News

  • Pending home sales rebounded in June. Increased supply and moderating mortgage rates helped get buyers off the sidelines.
  • NAHB says builders are cutting prices more often, with 31% reporting reductions in July compared to 29% in June and 25% in May.
  • Purchase applications fell 1.5% last week and were down 14% year-over-year. Refi apps fell 7% for the week and 32% from last year.

Market Minute Report - Mortgage News