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  • 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.

Market Minute Report - Mortgage News

 

 


  • 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.
  • Market Minute Report - Mortgage News

  • 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.

Market Minute Report - Mortgage News


  • 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.

Market Minute Report - Mortgage News

 


  • 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.

Market Minute Report - Mortgage News


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