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MarketMinute | Mortgage apps rise despite higher rates

Apr 19

2:31

AM

Category | Markets in a Minute

Retail sales jumped 0.7% in March, much more than expected. It was the 2nd straight monthly increase and another sign of a resilient economy.

As progress stalled on lowering inflation, Fed officials signaled they are likely to keep rates higher for longer this year.

Last week’s jobless claims were flat at 212K, showing no signs of rising layoffs in the strong labor market.

Housing News

Builder sentiment was flat in April as mortgage rates hovered close to 7% and 1st quarter inflation data failed to show improvement.

Single family home starts fell 12.4% for the month in March but were still 17.4% higher year over year.

Mortgage applications rose for the 2nd straight week, even with higher rates. Purchase apps jumped 10% and refi apps were up 3% for the week.

MarketMinute | The wait for cuts grows longer

Apr 12

4:08

AM

Category | Markets in a Minute

Minutes from last month's Fed meeting showed officials were concerned that inflation was easing but wasn't moving lower in a convincing fashion.

Mortgage rates rose this week as markets reacted to stronger than expected inflation data that makes it less likely the Fed will cut rates.

Jobless claims last week also fell more than expected and continued claims also fell, suggesting the labor market remains tight.

Housing News

The number of new listings continues to grow, with 54,769 listings last week. That's down from the 55,008 listings the same week last year.

Purchase mortgage applications were down 5% for the week and were 23% lower than a year ago, but refinance apps jumped 10% for the week.

As of February, the U.S. had 550 “million-dollar” cities, or areas where the typical home is worth more than $1 million, according to Zillow.

MarketMinute | Gauge the changing sentiment for Fed rate cuts

Apr 5

4:32

AM

Category | Markets in a Minute

Manufacturing expanded in March for the first time since September 2022 as production rebounded sharply and new orders increased.

Job openings were little changed in February from the prior month, suggesting labor demand is stabilizing at an elevated level.

ADP reported private sector job growth expanded in March at its fastest pace since July 2023, indicating continuing strength in the labor market.

Housing News

Private residential construction rose 0.7% in February, with single-family construction rising 1.4% and multifamily construction falling 0.2%.

Applications for a mortgage to purchase a home edged down 0.1% from one week earlier and were 13% lower than the same week one year ago.

Bond market expectations for a June rate cut have fallen to below 50% after manufacturing data evidenced expansion.

MarketMinute | Discover Hints of An Improving Spring Market

Mar 29

6:41

AM

Category | Markets in a Minute

Business investments rose, and durable goods orders rebounded in February, possible early signs of a revival in manufacturing.

The economy grew faster than previously estimated in the 4th quarter, lifted by strong consumer spending and business investment.

Jobless claims fell slightly last week and continued to hover at very low levels, demonstrating sustained labor market strength.

Housing News

Sales of newly built homes fell slightly in February after mortgage rates increased. However, sales were up 5.9% year over year.

The median new house price last month was the lowest in more than 2½ years, while supply was the highest since November 2022.

Hints at improvements ahead in the spring market came as February’s pending home sales bounced back from their January slump.

MarketMinute | Home Sales and Prices Spiked in February

Mar 22

4:40

AM

Category | Markets in a Minute

The Fed left policy rates unchanged at this week's meeting. The Board stood by its earlier projection of 3 rate cuts in 2024.

Unemployment claims fell unexpectedly last week, suggesting job growth has remained strong in March.

The S&P Global Manufacturing and Services reports showed continued healthy rates of expansion for the private sector in early March.

Housing News

February home sales spiked 9.5%, the largest monthly gain in a year, as supply improved. The median home price rose 5.7% to $384,500.

Homebuilder confidence rose in March to the highest level since July, amid lower mortgage rates and still-constrained sales inventory.

Single-family homebuilding rebounded sharply in February, hitting the highest level in nearly 2 years. Permits rose to a 1½-year high.