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  • Investors are full of optimism for 2024 as the S&P 500 Index sits within striking distance of its first all-time high in nearly 2 years. 
  • Initial jobless claims rose 218K last week, more than estimated but still consistent with a resilient labor market.
  • Inflation around the globe is slowing faster than expected. Experts say levels could return to normal in 2024 for the first time in 3 years.

Housing News

  • The FHFA reported home prices rose 6.3% year over year in October, faster than September’s 5.5% annual rate. 
  • Pending home sales were unchanged for the month in November and 5.2% lower than the same time last year, according to NAR.
  • Fannie Mae forecasts a slow recovery for existing home sales next year after they hit a likely low point in October.

Market Minute Report - Mortgage News


  • Weakening demand spurred a 3.6% decline in factory orders in October, more than expected and the biggest monthly drop in more than 3 years.
  • Job openings slid to 8.7 million in October, below estimates and the lowest level since March 2021, signaling a loosening labor market.
  • Oil prices plunged to a 6-month low due to booming crude supplies. The drop helped push bond yields lower, supporting lower mortgage rates.

Housing News

  • Falling mortgage rates reignited refinancing activity. Refi apps were up 14% for the week and 10% year over year. 
  • However, homebuyers are still battling high prices and low inventory. Purchase apps were down 0.3% for the week and 17% year over year.
  • Still, the housing market holds hope for 2024. Inventory is higher and more homes are under contract than at the end of 2022.

Market Minute Report - Mortgage News


  • The Fed's preferred gauge of inflation as measured by personal spending increased 3.5% year over year in October, meeting expectations.
  • Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024.
  • The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending.

Housing News

  • New home sales fell last month, coming in below analysts' expectations. The drop was likely due to mortgage rates’ reaching a 2023 high. 
  • Pending home sales also dropped in October, hitting a record low. Limited housing inventory added to the challenge of affordability.
  • However, mortgage rates have come down from October's highs. Purchase mortgage applications were up 5% for the week.

Market Minute Report - Mortgage News


  • Consumer inflation came in better than expected for October, supporting expectations the Fed may be done raising rates to fight it.
  • Wholesale inflation also came in much lower than expected in October, reversing a 3-month trend and falling by the most since 2020.
  • New unemployment applications were up last week, and continuing claims rose to their highest level in almost 2 years.

Housing News

  • Homebuilder confidence weakened in November, as 36% of builders reported discounting prices an average of 6%. 
  • Mortgage demand climbed to the highest level in 5 weeks after mortgage rates moved lower. Purchase applications rose 3% for the week.
  • Nearly 40% of recent homebuyers younger than 30 used a cash gift from family or an inheritance toward their down payment, according to Redfin.

Market Minute Report - Mortgage News


  • This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.
  • The segment of U.S. households with $1 million to $5 million in investable assets has jumped almost 60% over the past 16 years.
  • New unemployment claims were down last week. Layoffs remained low even as the still-strong job market showed some signs of cooling.

Housing News

  • Mortgage application volume climbed 2.5% last week as rates fell. Purchase apps rose 3% for the week, and refi apps were up 2%.
  • Inventory was up 0.7% for the week to 567K single-family homes listed for sale. Even in a tight market, 39% of those homes have had a price cut.
  • Of new homes completed last year, 19% had a garage that could hold 3 or more cars. Two-car garages were in 66% of new homes.

Market Minute Report - Mortgage News


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