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MarketMinute | More sellers are cutting prices

Feb 7

2:07

AM

Category | Markets in a Minute

The monthly JOLTs report showed a drop in job openings during December. Hiring, voluntary quits, and layoffs held steady.

Treasury Secretary Bessent said the Trump administration will focus on driving the 10-year Treasury yield lower, which may help mortgage rates.

New tariffs on Canada and Mexico were delayed for 30 days, helping mortgage rates remain at current levels.â€¯

Housing News

Purchase mortgage applications fell 4% from the previous week, though they were flat from the same week a year ago.

Realtor.com reports more sellers are offering price cuts, with 15.6% dropping prices last month compared to 14.7% in January of last year.

The NAHB says tariffs could push up new home prices. More than 70% of imported softwood lumber and gypsum come from Canada and Mexico.

MarketMinute | New home sales are a bright spot amidst rate challenges.

Jan 31

9:36

AM

Category | Markets in a Minute

The Fed left its policy rate unchanged in January and sent a clear signal it will keep rates unchanged until fresh data dictates otherwise.

Consumer confidence unexpectedly dipped to a 4-month low in January. Optimism fell due to the future labor market and economic outlook.

However, the economy remains on solid footing. A still-strong labor market helped power consumer spending as GDP grew 2.5% in the fourth quarter.â€¯

Housing News

New home sales were up 6.7% year over year in December. Annual sales came in 2.5% over 2023's total, hitting their highest level since 2021.

After 4 straight months of gains, December’s pending home sales dropped by 5.5%, coming in much lower than expected due to higher rates.

Though rates have now improved slightly, mortgage demand continues to weaken. Purchase apps fell 0.4% for the week and 7% from a year ago.

MarketMinute | How much more are homeowners paying for insurance?

Jan 24

4:38

AM

Category | Markets in a Minute

New unemployment applications hovered near pre-pandemic averages last week, but continuing claims surged to a 3-year high of 1.9 million.

The number of consumers making only the minimum credit card payment jumped to a 12-year high in 2024. Delinquencies also rose to new highs.

Global think tank The Conference Board projects the U.S. economy will expand at an upwardly revised 2.3% pace in 2025.â€¯

Housing News

A Treasury Department study found home insurance costs rose 8.7% faster than inflation from 2018-22, driven by climate-related natural disasters.

Purchase mortgage applications rose 1% last week and were 7% higher year over year, despite mortgage rates above 7% for most buyers.

Federal agencies must report monthly on progress toward lowering the cost of housing and expanding supply, per a new executive order.

MarketMinute | Are starter homes a thing of the past?

Jan 17

3:19

AM

Category | Markets in a Minute

Wholesale and consumer inflation rose less than expected in December, supporting speculation of continuing Fed policy rate cuts this year.

December retail sales came in slightly lower than expected but showed the economy was still growing at a solid pace at year's end.

New jobless claims increased more than expected last week but remained at levels consistent with a healthy labor market.â€¯

Housing News

In 2023, just 9% of homes built in the U.S. were under 1,400 square feet, considered a typical starter home, versus 40% in 1982.

Builder sentiment rose in January on hopes for more growth and less regulation. Concerns remain over tariffs, costs, and mortgage rates.

Mortgage demand last week was up 7% from a year ago despite higher rates. Inventory is up, but strong prices challenge affordability.

MarketMinute | Check out these 2025 rate predictions

Jan 10

3:43

PM

Category | Markets in a Minute

Minutes from the last Fed meeting showed members favored slowing rate cuts to balance inflation risks with those of economic overheating.

Job openings unexpectedly rose in November. Slower hiring points to a softening labor market but not one that needs Fed intervention.

Jobless claims fell to an 11-month low last week. Continuing claims rose slightly. The balance points to relative stability in the jobs market.â€¯

Housing News

MBA and Fannie Mae expect mortgage rates to stay above 6% through 2025 due to a strong economy and possible rising inflation.

High mortgage rates and home prices drove 2024's median monthly housing payment to a record $2,775, up 11% year over year.

Purchase applications fell 7% for the week and were 15% lower than the same week a year ago, as higher rates weakened demand.