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  • October consumer inflation data was in line with expectations. Housing costs pushed the rate up but showed signs of moderating.
  • Wholesale inflation also came in as expected for October, keeping the Fed on track to cut the policy rate at its December meeting.
  • Last week's jobless claims hit the lowest level since May, signaling a still-healthy demand for workers after recent storms and strikes.

Housing News

  • Purchase mortgage applications rose 2% for the week and were 1% higher than one year ago.
  • ICE reports home sale inventory improved for the 8th month in September, up 24% year over year but down 26% from pre-pandemic levels.
  • Lawrence Yun, NAR’s chief economist, predicts existing home sales will rise 9% and new home sales will jump by 11% year over year in 2025.

Market Minute Report - Mortgage News