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  • The Fed cut policy interest rates by 0.25%. The Board signaled plans to slow rate cuts in 2025, leading to a significant jump in mortgage rates.
  • Retail sales increased more than expected in November, consistent with strong underlying momentum in the economy as the year winds down.
  • Revised final 3rd-quarter GDP figures show the economy grew 3.1%, more than the 2.8% initial estimate.

Housing News

  • November existing home sales posted the largest annual gain since 2021, helped by increased inventory. Activity remains subdued, however.
  • Single-family housing starts rebounded in November, increasing 6.4%. Single-family building permits rose 0.1%.
  • Builder sentiment remained steady at year's end, balancing high home prices and rates with hope for a better regulatory climate in 2025.

Market Minute Report - Mortgage News