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  • Shelter prices contributed to higher-than-expected inflation for January, lowering the odds that the Fed will cut rates soon. 
  • Fed members continued spreading the message that they are hesitant to start cutting rates yet and want to see more data first.
  • Consumer spending fell more than expected in January, after making gains in December. Retail sales dropped 0.8%, more than the expected 0.3%.

Housing News

  • As mortgage rates rose last week, total applications fell 2.3%. Purchase apps dropped 3% for the week and 12% year over year. 
  • In a recent survey, Gen Z and Millennials named YouTube as their top social media platform to search for homebuying info.
  • Fewer home sellers are taking price cuts in 2024 than last year despite increasing competition. Both new and active listings are up year over year.

Market Minute Report - Mortgage News


  • Job growth posted a surprisingly strong increase in January, showing the labor market is solid and poised to support broader economic growth. 
  • Fed officials continue to state that policymakers have time to be patient about the timing of Fed policy rate cuts, pressuring mortgage rates.
  • Jobless claims dropped for the 1st time in 3 weeks, suggesting employers are still largely holding onto workers.

Housing News

  • REALTOR® (NAR) membership fell in January for the 3rd consecutive month, though there are still over 1.5 million members. 
  • According to Fannie Mae, consumer sentiment toward housing reached its highest level in nearly 2 years, despite concerns about affordability.
  • Purchase mortgage apps dropped 1% last week and were 19% lower than a year ago. Homebuyer demand flattened with rising mortgage rates.

Market Minute Report - Mortgage News


  • Consumer confidence reached its highest level since December 2021 and was up more than 30% since its April 2020 low. 
  • Job openings rose to a 3-month high in December. The continuing demand for workers demonstrates labor market strength.
  • The Fed left policy rates unchanged at this week's FOMC meeting but signaled a willingness to cut rates as data confirms inflation is cooling.

Housing News

  • A Harvard study showed rent costs have fallen from prior record highs and are now rising at a significantly slower pace of less than 1% annually. 
  • The FHFA’s House Price Index reports growth in November at a seasonally adjusted rate of 0.3% for the month and 6.6% year over year.
  • After rising for several weeks, total mortgage application volume dropped 7.2% for the week. Purchase apps fell 11%, while refi apps increased 2%.

Market Minute Report - Mortgage News


  • The economy grew faster than expected in the 4th quarter, fueled by strong consumer spending and defying predictions of a recession in 2023. 
  • Initial jobless claims rose 25K last week to 214K. Although that is the highest level in a month, it still signals a strong labor market.
  • Orders for durable goods, or products made to last at least 3 years, were unchanged in December. Economists had expected a slight increase.

Housing News

  • New home sales surged 8% in December and were up 4% in 2023, even as higher mortgage rates and limited supply pressured the housing market. 
  • Affordability improved in December according to the MBA. Borrowers applied for mortgages with payments 3.8% lower than in November.
  • Redfin reports pending home sales fell 8% year over year in December. The biggest decline in 4 months was partly due to winter weather.

Market Minute Report - Mortgage News


  • Retail sales rose at the strongest pace in 3 months in December, topping expectations for holiday shopping and signaling a resilient economy. 
  • The Fed’s latest Beige Book snapshot of the economy reported little or no change in economic activity for December through early January.
  • The labor market continues to show resiliency. Last week's jobless claims posted an unexpected drop to the lowest levels since September 2022.

Housing News

  • Homebuilder sentiment improved for the 2nd straight month in January and is now at the highest level since September. 
  • Housing starts fell sharply in December, the first drop in 4 months. Permits for future construction were up though, increasing 1.7%.
  • Mortgage applications started the year off strong as rates dropped. Overall apps were up 10.4%, with purchase apps rising 9% for the week.

Market Minute Report - Mortgage News

 


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