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MarketMinute | Fed Rate Actions and Home Price Movement

May 3

5:58

AM

Category | Markets in a Minute

The Fed kept its policy rate unchanged at this week's FOMC meeting but kept alive hopes for at least one rate cut this year.

Job openings fell to a 3-year low in March, and fewer people quit their jobs. Declining labor market conditions could be good for rates.

Consumer confidence dropped to a 21-month low in April, falling for the 3rd straight month amid concerns about the cost of food and gas.

Housing News

The FHFA House Price Index climbed at a faster than expected 1.2% rate for the month in February, reversing a 0.1% decline in January.

Construction spending fell unexpectedly in March, though the acute housing shortage supports continuing activity.

The share of ARM applications rose to 7.8% of mortgage demand last week. Purchase apps fell 2% for the week and 14% from a year ago.

MarketMinute | Buyers make moves despite higher rates

Apr 26

4:02

AM

Category | Markets in a Minute

Orders for durable goods jumped 2.6% in March, mostly in transportation. Limited increases elsewhere signaled manufacturing weakness.

The economy grew last quarter at the slowest pace in 2 years. Consumer and government spending cooled amid a sharp uptick in inflation.

The first-quarter measure of underlying inflation advanced at a greater-than-expected 3.7% clip, the first quarterly acceleration in a year.

Housing News

Sales of newly built single-family homes, which make up about 10% of the market, jumped 8.8% in March, the most since December 2022.

Total mortgage applications dropped 2.7% last week. Purchase apps were down 1% on the week and 15% lower year over year.

Pending home sales posted a bigger-than-expected increase in March. Buyer demand held relatively steady in the face of higher mortgage rates.

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.