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MarketMinute | Is The Fed Done Raising Rates?

Nov 17

5:59

AM

Category | Markets in a Minute

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.

MarketMinute | Mortgage App Volume Climbed As Rates Fell

Nov 10

3:10

AM

Category | Markets in a Minute

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.

MarketMinute | Home Prices Rise While Homeowners Stay Put

Nov 3

4:07

AM

Category | Markets in a Minute

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.

MarketMinute | How much would you pay for a haunted house?

Oct 27

3:05

AM

Category | Markets in a Minute

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.

MarketMinute | Multifamily Construction Takes the Lead!

Oct 20

4:12

AM

Category | Markets in a Minute

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.