Blog


  • Consumer inflation data in June saw core prices rise 0.1%, the smallest gain since August 2021, supporting Fed policy rate cuts later this year.
  • In his remarks to Congress, Fed Chair Powell acknowledged the labor market is showing signs of softening, also supporting Fed policy rate cuts.
  • Applications for unemployment dropped more than expected last week to the lowest level since late May but still came in at 222K for the week.

Housing News

  • Realtor.com reported 2 buyer-friendly shifts in June: continued rising inventory and 2 days longer on the market for median homes.
  • Single-family rents have risen by 39.6% since the pandemic began in March 2020 and are showing signs of increasing further.
  • The median gross income for Realtors with at least 16 years of experience rose from $80,700 in 2022 to $92,500 in 2023, according to the NAR.

Market Minute Report - Mortgage News


  • According to the Fed, the excess savings Americans stored away during the pandemic ran dry months ago, and the economy is feeling the effects.
  • Consumer confidence fell in June amid worries about the economy, though households remained upbeat about the labor market and inflation.
  • Total unemployment claims rose to the highest level since 2021, a warning sign unemployed workers need longer to find a job.

Housing News

  • According to the FHFA, house prices rose 0.2% for the month in April and were up 6.3% on the year.
  • New home sales, which make up about 10% of the market, fell to a 6-month low in May. It was the steepest monthly decline since Sept 2022.
  • Pending home sales unexpectedly fell to an all-time low in May, as elevated mortgage rates and rising home prices discouraged buyers.

Market Minute Report - Mortgage News

 


  • Retail sales rose 0.1% in May, coming in weaker than expected as consumers continued to wrestle with stubbornly high levels of inflation. 
  • New jobless claims fell from their 10-month high last week, but continuing claims rose for the 7th straight week.
  • Fed officials continue to signal that rate cuts aren't likely until more data supports trends toward cooler inflation and higher unemployment.

Housing News

  • New home construction slumped in May to its slowest pace in 4 years. Higher mortgage rates sapped the momentum gained earlier this year. 
  • Building permits fell in May to the weakest level since June 2020. Permits for single-family homes dropped for the 4th straight month.
  • Purchase mortgage apps were up 2% for the week, though down 12% from a year ago. Tight supply and higher rates have slowed home sales.

Market Minute Report - Mortgage News

 

 


  • Wholesale inflation unexpectedly declined the most in 7 months, adding to evidence that inflationary pressures are moderating. 
  • Inflation cooled more than expected in May, dropping for the second straight month. Prices were flat for the first time since July 2022.
  • The Fed left its policy rate unchanged at this month's Fed meeting and signaled it may cut rates 1 or 2 times by the end of the year.

Housing News

  • Anji.com found 19% of owners were most surprised by the cost of improvements during the first 6 months in their new home. 
  • Total mortgage applications surged nearly 16% for the week, with purchase apps rising 9%.
  • In Fannie Mae's May survey, 86% of consumers believed now is a bad time to buy a home, while 64% said now is a good time to sell.

Market Minute Report - Mortgage News


  • The services sector snapped back into growth mode in May after a short-lived April contraction, improving by the most in 3 years. 
  • Private employers added the fewest jobs last month since January, and small businesses shed jobs for the first time in 6 months.
  • The ISM Manufacturing Index hinted at a stalled economy in May. The Index fell to a 3-month low based on lower anticipated demand.

Housing News

  • Construction spending fell unexpectedly for a 2nd month in April, though investment in single-family home building improved. 
  • Total mortgage application volume fell 5.2% last week. Purchase apps dropped 4% for the week and 16% year over year.
  • Home price gains cooled for the 2nd consecutive month in April, according to an ICE Mortgage Technology report.

Market Minute Report - Mortgage News

 


Showing results 11 - 15 of 322