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  • In October, job openings rose to 7.7 million, up 372K from September. However, a slowdown in hiring indicated a mixed labor market.
  • Another reflection of the mixed labor market was an ADP report of lower-than-expected private payrolls growth in November.
  • The Fed's Beige Book showed slight economic growth with subdued employment, modest inflation, and optimism about rising demand.

Housing News

  • Purchase mortgage applications jumped 6% for the week to the highest level since January, although down 21% from a year ago.
  • Loan limits on single family homes will rise next year, reaching $806,500 for conforming loans and $524,225 for FHA loans in most areas.
  • Fannie Mae’s 4th-quarter Home Price Expectations Survey predicts a slowing growth rate, from a forecasted 5.2% in 2024 to 3.8% next year.

Market Minute Report - Mortgage News