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MarketMinute | Housing Affordability is Improving

Sep 6

2:29

AM

Category | Markets in a Minute

The Labor Department reports July job openings slumped to their lowest level since January 2021.

In another sign of a slowing labor market, companies added fewer new jobs in August than any month since the start of 2021, according to ADP.

However, the US services sector expanded at a modest pace for a 2nd month in August, though there are signs momentum is fading.

Housing News

Mortgage refinance demand is 94% higher than a year ago. Purchase apps rose only 3% for the week and were 4% lower than a year ago.

Inventory of available single-family homes rose slightly to 704K last week, though the pace of growth has slowed.

August was the most affordable month for housing since February due to slower home price growth and lower rates, according to ICE.

MarketMinute | Are rates impacting sales?

Aug 30

5:35

AM

Category | Markets in a Minute

Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting.

Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic.

Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month.

Housing News

Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number of homes sold in the foreseeable future.

However, July home sales broke a 4-month losing streak as supply rose nearly 20% over last year. The NAR says home sales are still sluggish.

Fannie Mae is forecasting mortgage rates will average 6.4% by the end of this year and 5.9% by the end of 2025.

MarketMinute | Are rates impacting sales?

Aug 23

3:14

AM

Category | Markets in a Minute

Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting.

Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic.

Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month.

Housing News

Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number of homes sold in the foreseeable future.

However, July home sales broke a 4-month losing streak as supply rose nearly 20% over last year. The NAR says home sales are still sluggish.

Fannie Mae is forecasting mortgage rates will average 6.4% by the end of this year and 5.9% by the end of 2025.

MarketMinute | Inventory and Mortgage Applications Are Up!

Aug 16

3:21

AM

Category | Markets in a Minute

Retail sales accelerated in July by the most since early 2023, coming in much higher than expected and signaling a resilient economy.

Inflation data showed a drop in both consumer and wholesale inflation. The Consumer Price Index fell below 3% for the first time since 2021.

Jobless claims fell for a second week to the lowest level since July, signaling the labor market isn't weakening as much as speculated.

Housing News

Builder confidence declined in August despite falling mortgage rates. Housing affordability remains a top concern for prospective homebuyers.

There are now 693K single-family homes on the market, a 1.3% increase for the week and almost 41% more than last year.

Mortgage apps reached their highest level since January 2023. Refinance apps jumped 35% and purchase apps rose 3% for the week.

MarketMinute | Good news for buyers! Inventory and price cuts are on the rise

Aug 9

3:47

AM

Category | Markets in a Minute

The labor market softened in July. Just 114K new jobs were added, and unemployment rose to 4.3%, the highest level since October 2021.

Shipping giant Maersk, considered a barometer for global trade, is not seeing signs of a U.S. recession, as freight demand remains robust.

Markets now anticipate the Fed will begin slashing policy rates with a half-point cut in September and a full point by year's end.

Housing News

Realtor.com reports home sellers slashed prices in July at the fastest pace in 2 years, with price cuts on 18.9% of listings compared to 3.4% last year.

July’s for-sale inventory was up 37% year over year, according to ICE, with 1 in 5 major markets at or above pre-pandemic inventory levels.

Refinance applications were up 16% for the week and 59% year over year. Purchase apps rose 1% for the week but were down 11% from last year.