MarketMinute | What might a return to normalcy look like? - Greenway Mortgage Blog

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MarketMinute | What might a return to normalcy look like?

Mar 10

4:34

AM

Category | Markets in a Minute

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.