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  • 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. 

Market Minute Report - Mortgage News


  • 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. 

Market Minute Report - Mortgage News


  • 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. 

Market Minute Report - Mortgage News

 


  • 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. 

Market Minute Report - Mortgage News

 


  • 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. 

Market Minute Report - Mortgage News


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