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MarketMinute | Mortgage rates fuel optimism

Sep 27

3:32

AM

Category | Markets in a Minute

The economy grew at a 3% annualized pace in the second quarter, a faster pace than Wall Street had expected and a sign of economic resilience.

Orders for durable goods were flat in August, much better than economists’ expectation of a 3% drop.

Contrary to other reports showing labor market weakness, last week's jobless claims fell to 218K, hitting a 4-month low despite slower hiring.

Housing News

New home sales fell less than expected in August. More homebuilders are optimistic for the near-term outlook thanks to downward rate trends.

Existing home sales were sluggish in August, falling 2.5% for the month. Still, home prices reached the highest August median on record.

Applications to refinance surged 20% last week and were 175% higher than a year ago. Purchase apps rose 1% for the week.

MarketMinute | The Fed finally cuts rates, plus more positive housing news

Sep 20

2:53

AM

Category | Markets in a Minute

The Fed cut its policy rate by 0.50% this week. Mortgage rates had already fallen. Guidance suggests further improvement as the data warrants.

Retail sales showed a surprise gain in August, a sign of ongoing consumer resilience that suggests the economy remains on solid footing.

Jobless claims fell last week to the lowest level since May, indicating a healthy job market despite a slowdown in hiring.

Housing News

Homebuilder confidence edged up in September as mortgage rates fell, breaking 4 months of consecutive declines.

Housing starts bounced back in August after tumbling a month earlier, reaching the fastest pace since April. New permits also climbed.

Existing home sales fell more than expected in August. House prices remained elevated despite a continued improvement in supply.

MarketMinute | Rate movement news homebuyers will love

Sep 13

2:00

AM

Category | Markets in a Minute

Inflation declined in August, reaching its lowest level since February 2021 and setting the stage for an expected policy rate cut from the Fed.

Jobless claims rose marginally last week to 230K. The pace of layoffs remains low even as the labor market shows signs of cooling.

Wholesale prices showed a mild increase of 0.2% in August, reinforcing indications the inflation rate is returning to low pre-pandemic levels.

Housing News

August’s shelter inflation rate was down from its 8.2% peak in March 2023, but the 0.5% monthly gain was the highest since early 2024.

As rates moved lower last week, total mortgage demand grew 1.4%. Purchase apps rose 2%, and refinances were up 1% for the week.

Homeowners are sitting on more than $32 trillion in home equity, an all-time high. The average owner has $214K in equity.

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.