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  • The Fed maintained the current policy rate at its November meeting and signaled the cycle of increases may be ending.
  • Despite a booming economy, consumer confidence dropped for the 3rd straight month amid persistent inflation worries.
  • Jobless claims rose for the 6th week, signaling the labor market may be cooling. However, job opening data showed layoffs at a 9-month low.

Housing News

  • According to ICE, home prices set a record in August for the 4th consecutive month. Prices rose 0.68% over July's level.
  • The homeownership rate held steady at 66% in the 3rd quarter, according to the Census Bureau. The rate is 3.2% lower than its 2004 peak.
  • Only 562K single-family homes are on the market, far fewer than in any recent year. However, listings were up 1.5% for the week. 

Market Minute Report - Mortgage News


  • The economy grew at the fastest pace in nearly 2 years last quarter, fueled by a surge in consumer spending and cooling inflation.
  • Initial jobless claims rose slightly last week but were still in ultra-low territory, staying near lows last seen in January.
  • The federal government finished its fiscal year in September with a $1.7 trillion deficit, fueling rising bond yields and higher mortgage rates.

Housing News

  • New home sales surged by 12%, reaching their highest level in more than a year. Median home prices fell as builders wooed buyers with discounts.
  • Pending home sales also rose in September, despite higher mortgage rates. Sales were still down 11% from last year due to tight inventory.
  • 24% of Americans surveyed by allstarhome.com would buy a haunted home and pay an average $250K. 16% believe their own home is haunted. 

 

Market Minute Report - Mortgage News

 

 


 

  • Consumer retail spending grew for the 6th straight month in September, coming in much higher than expected.
  • The Fed's October Beige Book described economic growth as stable or slightly weaker, with easing inflation and a loosening job market.
  • However, jobless claims dipped again last week, indicating the labor market remains tight and could contribute to continuing inflation.

Housing News

  • Homebuilder confidence fell in October to the lowest levels since January. High mortgage rates are dampening builder optimism.
  • New U.S. home construction rose in September, led by an uptick in multifamily groundbreakings. Permits for single-family homes also rose.
  • September's existing home sales dropped to the slowest pace since October 2010, down more than 8% from a year ago. 

Market Minute Report - Mortgage News

 


  • According to minutes from last month's Fed meeting, officials see a need for ‘restrictive’ policy and higher rates until inflation eases.
  • Wholesale inflation rose more than expected last month. Consumer inflation met expectations but is still higher than the Fed's goal.
  • Jobless claims remained at historically low levels last week. The job market remains strong in the face of higher interest rates.

Housing News

  • In a Fannie Mae survey, high mortgage rates surpassed home prices as the top reason consumers think it’s a bad time to buy a home.
  • The NAHB, NAR and MBA penned a letter urging the Fed to stop raising policy rates, voicing concerns about the housing market impact.
  • The level of ARM applications increased by 15% last week. ARMs comprised 9.2% of all apps, the highest share since November 2022. 

Market Minute Report - Mortgage News


  • The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes.
  • Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector.
  • However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth.

Housing News

  • Residential construction spending increased 0.6% in August. Private sector spending for single-family homes rose 1.7%.
  • Climbing interest rates led to a 6% drop in mortgage applications last week. Apps fell to the lowest level since 1996.
  • The CFPB says lenders denied loan applications due to “insufficient income” more often last year than any time since tracking began in 2018. 

Market Minute Report - Mortgage News


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