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  • Shelter prices contributed to higher-than-expected inflation for January, lowering the odds that the Fed will cut rates soon. 
  • Fed members continued spreading the message that they are hesitant to start cutting rates yet and want to see more data first.
  • Consumer spending fell more than expected in January, after making gains in December. Retail sales dropped 0.8%, more than the expected 0.3%.

Housing News

  • As mortgage rates rose last week, total applications fell 2.3%. Purchase apps dropped 3% for the week and 12% year over year. 
  • In a recent survey, Gen Z and Millennials named YouTube as their top social media platform to search for homebuying info.
  • Fewer home sellers are taking price cuts in 2024 than last year despite increasing competition. Both new and active listings are up year over year.

Market Minute Report - Mortgage News