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  • The Fed left policy rates unchanged at this week's meeting. The Board stood by its earlier projection of 3 rate cuts in 2024. 
  • Unemployment claims fell unexpectedly last week, suggesting job growth has remained strong in March.
  • The S&P Global Manufacturing and Services reports showed continued healthy rates of expansion for the private sector in early March.

Housing News

  • February home sales spiked 9.5%, the largest monthly gain in a year, as supply improved. The median home price rose 5.7% to $384,500. 
  • Homebuilder confidence rose in March to the highest level since July, amid lower mortgage rates and still-constrained sales inventory.
  • Single-family homebuilding rebounded sharply in February, hitting the highest level in nearly 2 years. Permits rose to a 1½-year high.

Market Minute Report - Mortgage News


  • Wholesale prices accelerated at a faster-than-expected pace in February, a reminder that inflation remains a troublesome issue for the economy. 
  • Consumer inflation also rose in February, keeping the Fed on course to wait at least until the summer before cutting policy rates.
  • Retail sales rebounded in February, but consumer spending slowed as households grappled with inflation and higher borrowing costs.

Housing News

  • In an FHFA pilot program announced last week, some homeowners will be able to refinance without paying for title insurance. 
  • Showing how sensitive buyers are to rates, purchase mortgage apps rose 5% last week but were still 11% lower than a year ago.
  • More than a third of homeowners plan to stay in their homes forever, per a recent survey. Younger respondents were more likely to foresee a move.

Market Minute Report - Mortgage News

 


 

  • The number of workers quitting their jobs dropped to a 3-year low in January, indicating labor market conditions were gradually easing. 
  • Services industry growth slowed a bit in February. However, new orders increased to a 6-month high, pointing to underlying strength.
  • Fed Chair Jerome Powell told Congress the Fed is in no rush to cut interest rates until it is convinced it's won the battle over inflation.

Housing News

  • Construction spending fell unexpectedly in January, though outlays on new single-family projects grew 0.6% amid strong demand. 
  • Purchase mortgage applications increased 11% last week. Demand was still 8% lower than the same week a year ago.
  • Inventory has shown signs of slowly increasing, with 14.8% more homes for sale in February than the same time last year.

Market Minute Report - Mortgage News


  • Orders for long-lasting manufactured goods fell by the most in 4 years in January, a sign the economy lost momentum at the start of the year. 
  • Consumer confidence fell in February after 3 straight monthly increases due to concerns about the labor market and the presidential election.
  • The Fed's favored inflation gauge, the PCE index, showed prices picked up in January, though it was the smallest annual increase in almost 3 years.

Housing News

  • New home sales ticked up in January. Single-family home sales rose 1.5% from December and 1.8% year over year. 
  • Pending home sales posted their biggest drop in 5 months in January. The NAR blames the weakness on rising mortgage rates.
  • Higher rates also contributed to lower mortgage application volume last week. Purchase apps fell 5%, and total apps were down 5.6%.

 

Market Minute Report - Mortgage News


  • New unemployment claims fell unexpectedly last week, suggesting that job growth likely remained solid in February. 
  • Minutes from their last meeting showed Fed members were more worried about the risk of cutting rates too soon than keeping them high too long.
  • After 2 months of solid improvements, consumer sentiment hit a lull in February. Sentiment still ticked up slightly.

Housing News

  • Single-family production improved slightly in January, though a decline in multifamily construction pushed overall housing starts down. 
  • Existing home sales rose 3% to start the year. The inventory of homes for sale in January increased but is still at a low 3-month supply.
  • Mortgage rates jumped last week, pushing applications lower. Purchase apps fell 10% for the week and were 13% lower than a year ago.

Market Minute Report - Mortgage News


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