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  • Job growth posted a surprisingly strong increase in January, showing the labor market is solid and poised to support broader economic growth. 
  • Fed officials continue to state that policymakers have time to be patient about the timing of Fed policy rate cuts, pressuring mortgage rates.
  • Jobless claims dropped for the 1st time in 3 weeks, suggesting employers are still largely holding onto workers.

Housing News

  • REALTOR® (NAR) membership fell in January for the 3rd consecutive month, though there are still over 1.5 million members. 
  • According to Fannie Mae, consumer sentiment toward housing reached its highest level in nearly 2 years, despite concerns about affordability.
  • Purchase mortgage apps dropped 1% last week and were 19% lower than a year ago. Homebuyer demand flattened with rising mortgage rates.

Market Minute Report - Mortgage News