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  • The Fed cut its policy rate by 0.50% this week. Mortgage rates had already fallen. Guidance suggests further improvement as the data warrants.
  • Retail sales showed a surprise gain in August, a sign of ongoing consumer resilience that suggests the economy remains on solid footing.
  • Jobless claims fell last week to the lowest level since May, indicating a healthy job market despite a slowdown in hiring.

Housing News

  • Homebuilder confidence edged up in September as mortgage rates fell, breaking 4 months of consecutive declines.
  • Housing starts bounced back in August after tumbling a month earlier, reaching the fastest pace since April. New permits also climbed.
  • Existing home sales fell more than expected in August. House prices remained elevated despite a continued improvement in supply.

Market Minute Report - Mortgage News