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MarketMinute | How high are homeowners willing to go on their next rate?

Sep 8

3:04

AM

Category | Markets in a Minute

Unemployment claims fell to the lowest level since February, underscoring a strong labor market and businesses’ reluctance to let go of workers.

The economy added 187K new jobs in August, more than was forecast. However, unemployment ticked up slightly from 3.5% to 3.8%.

The service sector expanded for the 8th straight month in August, pushing bond yields higher and pressuring mortgage rates.

Housing News

Despite last week’s lower rates, purchase applications fell 2% for the week and were 28% lower year over year.

A recent survey shows 71% of current homeowners would not accept a rate above 5.5% on their next home purchase mortgage.

NAR reports unmarried couples now make up 18% of all first-time homebuyers, up from just 4% in 1985 and the highest level ever recorded.

MarketMinute | People are buying despite higher rates?

Sep 1

3:19

AM

Category | Markets in a Minute

Americans felt more pessimistic about the economy in August after 2 months of growing confidence, mainly due to inflation worries.

Job openings dropped to the lowest level in nearly 2-1/2 years, and resignations declined in July, as the labor market gradually slowed.

The Fed's preferred measure of inflation posted the smallest back-to-back increases in July since late 2020, showing inflation continues to cool.

Housing News

Pending home sales rose in July for the 2nd month in a row, despite elevated prices, rising mortgage rates and extremely limited inventory.

Housing prices showed further signs of stabilizing in June, according to 2 reports that signaled sales prices may have bottomed out.

Mortgage applications rose for the first time in 5 weeks despite interest rates hovering at recent highs, up 2.3% from the previous week.

MarketMinute | Home prices move up despite higher rates

Aug 25

9:00

AM

Category | Markets in a Minute

Unemployment claims fell to the lowest level in 3 weeks, showing renewed labor force momentum and a healthy demand for workers.

Even with a resilient economy, small business confidence is back at an all-time low, according to a CNBC|SurveyMonkey Small Business Survey.

Credit card spending has propped up the economy but is showing signs of slowing, as consumers feel the pinch of higher rates.

Housing News

July home sales fell again as supply dropped to a 25-year low. The number of homes for sale at month’s end was 14.6% lower year over year.

Inventory woes are sending more buyers to new construction. New home sales hit a 17-month high in July, up 31.5% over last year.

Home prices continue to move higher. The median price of a home sold in July was $406,700, an increase of 1.9% from a year ago.

MarketMinute | New home sales take the lead

Aug 18

6:13

AM

Category | Markets in a Minute

Retail sales came in stronger than expected in July for the biggest gain in 6 months. Consumers continued to spend despite higher rates.

Wholesale prices rose more than expected in July. The increase countered recent signs of easing inflation pressures.

Minutes from last month's Fed meeting hinted at more rate hikes to come, as officials remained concerned about the pace of inflation.

Housing News

Housing starts for single-family homes surged in July. Permits for future construction also rose, despite climbing mortgage rates.

However, rate increases caused home builder sentiment to fall in August for the 1st time in 7 months, reaching the lowest level since May.

Apps to purchase newly constructed homes were up 36% annually in July. New homes accounted for a larger share of sales due to tight inventory.

MarketMinute | Why Will It Be Harder To Get Homeowners Insurance?

Aug 11

5:31

AM

Category | Markets in a Minute

June's Consumer Price Index shows inflation rose only 3.2% from a year ago, possibly deterring the Fed from raising policy rates in September.

Jobless claims rose last week to the highest levels in a month, coming in higher than expected and signaling some softening to the labor market.

Many experts are backing off their predictions of a looming recession, with the latest economic data pointing to a possible soft landing.

Housing News

Available home insurance policies have dropped 53% this year. Companies are exiting states where they can't raise premiums to cover rising costs.

According to Fannie Mae, consumers are gaining confidence in their personal financial situations but are still pessimistic about buying a home.

Mortgage rates rose last week before falling again, leading to a 3% drop in purchase apps. It was the 3rd consecutive weekly decline.