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  • Consumer inflation came in better than expected for October, supporting expectations the Fed may be done raising rates to fight it.
  • Wholesale inflation also came in much lower than expected in October, reversing a 3-month trend and falling by the most since 2020.
  • New unemployment applications were up last week, and continuing claims rose to their highest level in almost 2 years.

Housing News

  • Homebuilder confidence weakened in November, as 36% of builders reported discounting prices an average of 6%. 
  • Mortgage demand climbed to the highest level in 5 weeks after mortgage rates moved lower. Purchase applications rose 3% for the week.
  • Nearly 40% of recent homebuyers younger than 30 used a cash gift from family or an inheritance toward their down payment, according to Redfin.

Market Minute Report - Mortgage News


  • This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.
  • The segment of U.S. households with $1 million to $5 million in investable assets has jumped almost 60% over the past 16 years.
  • New unemployment claims were down last week. Layoffs remained low even as the still-strong job market showed some signs of cooling.

Housing News

  • Mortgage application volume climbed 2.5% last week as rates fell. Purchase apps rose 3% for the week, and refi apps were up 2%.
  • Inventory was up 0.7% for the week to 567K single-family homes listed for sale. Even in a tight market, 39% of those homes have had a price cut.
  • Of new homes completed last year, 19% had a garage that could hold 3 or more cars. Two-car garages were in 66% of new homes.

Market Minute Report - Mortgage News


  • The Fed maintained the current policy rate at its November meeting and signaled the cycle of increases may be ending.
  • Despite a booming economy, consumer confidence dropped for the 3rd straight month amid persistent inflation worries.
  • Jobless claims rose for the 6th week, signaling the labor market may be cooling. However, job opening data showed layoffs at a 9-month low.

Housing News

  • According to ICE, home prices set a record in August for the 4th consecutive month. Prices rose 0.68% over July's level.
  • The homeownership rate held steady at 66% in the 3rd quarter, according to the Census Bureau. The rate is 3.2% lower than its 2004 peak.
  • Only 562K single-family homes are on the market, far fewer than in any recent year. However, listings were up 1.5% for the week. 

Market Minute Report - Mortgage News


  • The economy grew at the fastest pace in nearly 2 years last quarter, fueled by a surge in consumer spending and cooling inflation.
  • Initial jobless claims rose slightly last week but were still in ultra-low territory, staying near lows last seen in January.
  • The federal government finished its fiscal year in September with a $1.7 trillion deficit, fueling rising bond yields and higher mortgage rates.

Housing News

  • New home sales surged by 12%, reaching their highest level in more than a year. Median home prices fell as builders wooed buyers with discounts.
  • Pending home sales also rose in September, despite higher mortgage rates. Sales were still down 11% from last year due to tight inventory.
  • 24% of Americans surveyed by allstarhome.com would buy a haunted home and pay an average $250K. 16% believe their own home is haunted. 

 

Market Minute Report - Mortgage News

 

 


 

  • 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

 


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