Blog


 

  • Consumer retail spending grew for the 6th straight month in September, coming in much higher than expected.
  • The Fed's October Beige Book described economic growth as stable or slightly weaker, with easing inflation and a loosening job market.
  • However, jobless claims dipped again last week, indicating the labor market remains tight and could contribute to continuing inflation.

Housing News

  • Homebuilder confidence fell in October to the lowest levels since January. High mortgage rates are dampening builder optimism.
  • New U.S. home construction rose in September, led by an uptick in multifamily groundbreakings. Permits for single-family homes also rose.
  • September's existing home sales dropped to the slowest pace since October 2010, down more than 8% from a year ago. 

Market Minute Report - Mortgage News

 


  • According to minutes from last month's Fed meeting, officials see a need for ‘restrictive’ policy and higher rates until inflation eases.
  • Wholesale inflation rose more than expected last month. Consumer inflation met expectations but is still higher than the Fed's goal.
  • Jobless claims remained at historically low levels last week. The job market remains strong in the face of higher interest rates.

Housing News

  • In a Fannie Mae survey, high mortgage rates surpassed home prices as the top reason consumers think it’s a bad time to buy a home.
  • The NAHB, NAR and MBA penned a letter urging the Fed to stop raising policy rates, voicing concerns about the housing market impact.
  • The level of ARM applications increased by 15% last week. ARMs comprised 9.2% of all apps, the highest share since November 2022. 

Market Minute Report - Mortgage News


  • The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes.
  • Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector.
  • However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth.

Housing News

  • Residential construction spending increased 0.6% in August. Private sector spending for single-family homes rose 1.7%.
  • Climbing interest rates led to a 6% drop in mortgage applications last week. Apps fell to the lowest level since 1996.
  • The CFPB says lenders denied loan applications due to “insufficient income” more often last year than any time since tracking began in 2018. 

Market Minute Report - Mortgage News


  • Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation.
  • Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending.
  • Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.

 

Housing News

  • Pending home sales dropped 7.1% for the month in August, as mortgage rates surged to levels not seen in 20 years.
  • U.S. house prices rose in July, up 0.8% from June and 4.6% year over year, according to the FHFA House Price Index.
  • Purchase mortgage apps were down 2% for the week and 27% behind last year’s pace. 

Market Minute Report - Mortgage News


  • The Fed kept policy rates unchanged at the September meeting. They signaled one more hike in 2023, while cuts are less likely in 2024.
  • Jobless claims fell last week to the lowest level since January, indicating a healthy labor market.
  • The average credit card interest rate hit an all-time high. Total credit card debt topped $1 trillion for the first time ever.

Housing News

  • High mortgage rates pushed homebuilder confidence to the lowest level since April, as more buyers are waiting to purchase.
  • Housing starts fell to the lowest level since 2020. However, a jump in permits suggests optimism.
  • Existing home sales fell to a 7-month low. Low inventory has helped push values higher and drive up the median selling price to $407,100. 

Market Minute Report - Mortgage News


Showing results 21 - 25 of 298