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MarketMinute | Rate movement news homebuyers will love

Sep 13

2:00

AM

Category | Markets in a Minute

Inflation declined in August, reaching its lowest level since February 2021 and setting the stage for an expected policy rate cut from the Fed.

Jobless claims rose marginally last week to 230K. The pace of layoffs remains low even as the labor market shows signs of cooling.

Wholesale prices showed a mild increase of 0.2% in August, reinforcing indications the inflation rate is returning to low pre-pandemic levels.

Housing News

August’s shelter inflation rate was down from its 8.2% peak in March 2023, but the 0.5% monthly gain was the highest since early 2024.

As rates moved lower last week, total mortgage demand grew 1.4%. Purchase apps rose 2%, and refinances were up 1% for the week.

Homeowners are sitting on more than $32 trillion in home equity, an all-time high. The average owner has $214K in equity.

MarketMinute | Housing Affordability is Improving

Sep 6

2:29

AM

Category | Markets in a Minute

The Labor Department reports July job openings slumped to their lowest level since January 2021.

In another sign of a slowing labor market, companies added fewer new jobs in August than any month since the start of 2021, according to ADP.

However, the US services sector expanded at a modest pace for a 2nd month in August, though there are signs momentum is fading.

Housing News

Mortgage refinance demand is 94% higher than a year ago. Purchase apps rose only 3% for the week and were 4% lower than a year ago.

Inventory of available single-family homes rose slightly to 704K last week, though the pace of growth has slowed.

August was the most affordable month for housing since February due to slower home price growth and lower rates, according to ICE.

MarketMinute | Are rates impacting sales?

Aug 30

5:35

AM

Category | Markets in a Minute

Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting.

Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic.

Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month.

Housing News

Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number of homes sold in the foreseeable future.

However, July home sales broke a 4-month losing streak as supply rose nearly 20% over last year. The NAR says home sales are still sluggish.

Fannie Mae is forecasting mortgage rates will average 6.4% by the end of this year and 5.9% by the end of 2025.

MarketMinute | Are rates impacting sales?

Aug 23

3:14

AM

Category | Markets in a Minute

Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting.

Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic.

Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month.

Housing News

Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number of homes sold in the foreseeable future.

However, July home sales broke a 4-month losing streak as supply rose nearly 20% over last year. The NAR says home sales are still sluggish.

Fannie Mae is forecasting mortgage rates will average 6.4% by the end of this year and 5.9% by the end of 2025.

MarketMinute | Inventory and Mortgage Applications Are Up!

Aug 16

3:21

AM

Category | Markets in a Minute

Retail sales accelerated in July by the most since early 2023, coming in much higher than expected and signaling a resilient economy.

Inflation data showed a drop in both consumer and wholesale inflation. The Consumer Price Index fell below 3% for the first time since 2021.

Jobless claims fell for a second week to the lowest level since July, signaling the labor market isn't weakening as much as speculated.

Housing News

Builder confidence declined in August despite falling mortgage rates. Housing affordability remains a top concern for prospective homebuyers.

There are now 693K single-family homes on the market, a 1.3% increase for the week and almost 41% more than last year.

Mortgage apps reached their highest level since January 2023. Refinance apps jumped 35% and purchase apps rose 3% for the week.