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MarketMinute | What's most concerning to home buyers?

Oct 13

4:03

AM

Category | Markets in a Minute

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.

MarketMinute | Construction spending is a bright spot in housing news

Oct 6

3:38

AM

Category | Markets in a Minute

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.

MarketMinute | Home price increases persist

Sep 29

4:02

AM

Category | Markets in a Minute

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.

MarketMinute | Home Values Continue to Rise

Sep 22

6:59

AM

Category | Markets in a Minute

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.

MarketMinute | How Much Did Purchase Mortgage Apps Fall?

Sep 15

3:30

AM

Category | Markets in a Minute

Retail sales showed signs of slowing in August, as higher gasoline prices limited consumers’ discretionary spending.

Gas prices fed the year's biggest monthly rise in consumer inflation, though the annual increase was the smallest in almost 2 years.

Wholesale inflation also rose in August, more than expected. Rising inflation can lead to higher mortgage rates.

Housing News

Black Knight reports P&I payments topped $2K for more than half of new July mortgages and over $3K for almost a quarter.

Redfin found return-to-office mandates are behind the decision to move for 10.1% of soon-to-be home sellers.

Purchase mortgage apps fell 27% from a year ago, though they were up 1% for the week. Overall apps fell to the lowest level since 1996.