• In his semiannual testimony before Congress this week, Fed Chair Powell signaled a possible higher-than-expected Fed rate hike in March.
  • Job openings declined slightly in January but still far outnumber available workers, as the labor picture remains tight.
  • Labor market strength and strong economic and consumer spending data have pressured mortgage rates higher recently.

Housing News

  • Despite rising interest rates, mortgage application volume improved 7.4% last week. Purchase apps rose 7%, and refi apps grew 9%.
  • Market analysis from Black Knight suggests purchase activity could be nearing the bottom before a slow and choppy return to normalcy.
  • Home affordability is a growing concern with just 10% of homes sold in Q4 2022 selling under $300K compared to 41% in Q4 2019. 

Market Minute Report - Mortgage News