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MarketMinute | Interest Rates Fell This Week

Aug 29

7:44

AM

Category | Markets in a Minute

Both new jobless claims and continuing claims fell last week. Layoffs remain low even as hiring slows across the broader labor market.

Second quarter GDP was revised up to 3.3%, more than expected. Growth was driven by strong consumer spending and fewer imports.

Consumer confidence slipped in August as worries about finding jobs, tariffs, and inflation weighed on household optimism.

Housing News

New home sales fell in July after June’s sharp upward revision. The housing market is still struggling as consumers wrestle with affordability.

FHFA reports house prices rose 2.9% year over year but were unchanged from the 1st quarter, pointing to a slowdown in growth nationwide.

Pending sales cooled again in July, reflecting buyer caution in a market where affordability remains a challenge.

MarketMinute | Rates remain flat while we wait on the Fed

Aug 22

3:22

AM

Category | Markets in a Minute

Jobless claims rose to 235K last week, up 11K, reaching the highest level since June and signaling a possible cool-down in the labor market.

Minutes from last month's Fed meeting showed debate over tariffs’ impact on prices. Board members worried more about inflation than job losses.

Tariffs are starting to impact consumer prices. Retailers like Home Depot and Walmart acknowledge passing rising import costs on to shoppers.

Housing News

In August, builder confidence hit its lowest point in 5 years. Rising material costs and tariff anxiety are weighing on builders.

Existing home sales rose 2% in July, topping forecasts. With prices up more than 40% since 2020, affordability remains a major challenge for buyers.

Purchase mortgage applications were nearly flat last week but still ran 23% above last year and were at their strongest pace in 4 weeks.

MarketMinute | Purchase Apps Continue To Rise

Aug 15

5:58

AM

Category | Markets in a Minute

Consumer inflation was slightly higher in July but still met expectations, ramping up markets' bets that the Fed would cut rates in September.

Wholesale inflation rose much more than expected in July, signaling tariff costs may trickle down to consumers in the coming months.

Markets are currently betting on Fed policy rate cuts to begin in September. Mortgage rates already reflect the market speculation.

Housing News

The refinance share of mortgage activity increased to 46.5% of total applications from 41.5% the previous week.

Purchase apps rose 1% for the week and 17% over last year. ICE’s August Mortgage Monitor reported 26 weeks of consecutive year-over-year gains.

ICE also reported year-over-year growth of 1.4% in single-family home prices in July. Condo prices fell 1.8%, the softest condo market since 2012.

MarketMinute | Rates fell this week!

Aug 8

5:32

AM

Category | Markets in a Minute

Recurring unemployment claims jumped to their highest level since November 2021, indicating it’s harder for job seekers to find work.

Expectations for a September Fed rate cut surged this week after last month’s jobs report revealed major downward revisions to prior data.

Services activity stalled in July as orders flatlined and hiring weakened. Input costs saw their biggest jump in nearly 3 years.

Housing News

Goldman Sachs warned that housing will drag on economic growth in the 2nd half of the year. Residential investment is expected to fall 8%.

Purchase mortgage applications grew 1% over the previous week and were up 18% over the same week a year ago.

Despite sluggish sales, 74% of REALTORS® say they're “very certain” they'll stay in the business, showing resilience amid a shifting market.

MarketMinute | Starter home sales are on the rise

Aug 1

6:34

AM

Category | Markets in a Minute

The Fed held policy rates steady at this week’s meeting, as it monitors the economic and inflationary fallout from tariffs.

June's PCE inflation index increased at one of the fastest paces this year, while consumer spending barely rose, demonstrating the effects of tariffs.

Multiple reports this week showed the labor market remains resilient, supporting the Fed's stance to hold policy rates steady.

Housing News

Sales of starter homes grew 3.9% year over year in June, reaching a two-year high. Their median price was $260K.

Fed Chair Powell addressed home affordability in his press conference, reiterating that the Fed rate plays only a small role in mortgage rates.

According to ICE, mortgage payment delinquencies rose month over month in June, while foreclosures trended higher year over year.