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  • The Fed's Beige Book shows economic activity and hiring mostly flat in recent weeks, with tariffs weighing on businesses and consumers.
  • Job openings dropped sharply to 7.18 million in July, the second lowest since the pandemic. Slower hiring signals labor market weakness.
  • Factory orders slid in July, hit hard by plunging aircraft bookings. However, non-transportation orders rose more than expected.

Housing News

  • Spending on new single‑family housing edged up in July. Overall construction continues to wane due to rates and rising inventories.
  • Homebuyers are backing out of deals more often, and purchase deals are now falling through at rates not seen in years, signaling growing caution.
  • Purchase mortgage apps fell 6% from a week ago but were up 17 percent year over year. Refi apps rose 1% for the week and 20% over last year.

Market Minute Report - Mortgage News