Blog


  • Consumer confidence grew in October at its fastest single-month pace since March 2021.
  • Inflation increased slightly in September, according to the Fed’s favored PCE index. The 12-month rate was 2.1%, near the Fed target.
  • Job openings in September fell to a 3-1/2 year low, and August's data was revised downward, pointing to a future easing in labor market conditions.

Housing News

  • Due to a September dip in rates, pending home sales jumped a surprising 7.4% for the month, the highest level since March.
  • The FHFA reported a 0.3% monthly gain in home prices in August, though the annual growth rate dropped to 4.2% from 4.7% in July.
  • Last week’s rising mortgage rates did not inhibit purchase mortgage apps, which rose 5% for the week and were 10% higher than a year ago.

Market Minute Report - Mortgage News


  • Economic activity has remained flat in most parts of the U.S. since early September, according to the Fed's survey of regional business contacts.
  • Household debt totaled $20.2 trillion through the 2nd quarter. The current debt delinquency rate is 2.74%, the highest in nearly 12 years.
  • Initial jobless claims fell for the 2nd straight week, but continuing claims increased to nearly 1.9 million, the most in 3 years.

Housing News

  • New single-family home sales jumped 4.1% to 738K in September, 6.3% higher than a year ago. The median sales price was $426,300.
  • Existing home sales, however, fell to a 14-year low. Buyers pulled back amid uncertainty over the upcoming election and higher mortgage rates.
  • Mortgage applications fell to the lowest level since July as rates moved higher. Purchase apps dropped 5%, and refi apps were down 8%.

Market Minute Report - Mortgage News


  • Retail sales strengthened by more than forecast in September. Resilient consumer spending continues to power the economy.
  • Jobless claims fell much more than economists expected last week, after reaching their highest level of the year during the previous week.
  • The signs of a strong economy and a rebounding labor market, along with higher inflation, are pressuring bonds and pushing mortgage rates higher.

Housing News

  • Builder sentiment moved up for a second consecutive month. Builders look forward to a busy 2025 despite challenging conditions.
  • Mortgage apps for new home purchases rose 10.8% year over year in September, with an average loan size of $402,658 for newly built homes.
  • For the week, overall purchase mortgage applications dropped 7% but were 7% higher than the same time last year.

Market Minute Report - Mortgage News


  • The economy added far more jobs than expected in September while unemployment fell, pointing to a stronger labor market than believed.
  • September's inflation rate was higher than forecast. When combined with the blowout jobs report, it reduces the likelihood of Fed rate cuts.
  • Jobless claims rose last week to the highest level in over a year. The increase is likely due to the aftermath of Hurricane Helene.

 

Housing News

  • An NAHB survey found technologies to improve energy efficiency and security are most likely to influence a home buying decision.
  • ICE reports the average property insurance payment for single-family homes is up 52% from 2020, as natural disasters have cost insurers billions.
  • Mortgage applications dropped 5.1% as rates started to rise last week. Both refinance and purchase apps fell from the previous week.

Market Minute Report - Mortgage News


  • Job openings unexpectedly increased in August after 2 straight monthly declines, but hiring was soft and consistent with a slowing labor market.
  • In September, however, private sector hiring picked up, according to ADP. The labor market is holding its ground despite some signs of weakness.
  • Fed Chair Powell said the recent half-point policy rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive.

Housing News

  • August’s pending home sales edged up 0.6% from July's record low but were down 3% year over year as affordability remains a concern.
  • Construction spending fell in August as companies scaled back projects while awaiting confirmation of Fed rate cuts.
  • A fall 2024 Investor Sentiment Index showed that 68% of investors view the current housing market as “better” or “much better” than a year ago.

Market Minute Report - Mortgage News


Showing results 31 - 35 of 358