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MarketMinute | Can rate relief overcome inventory woes?

Apr 7
7:05
AM
Category | Markets in a Minute

Market Minute - Economy and Housing News - Erin Carvelli

  • Private payrolls grew less than expected in March. ADP reported an increase of 145K, down significantly from 261K in February.
  • The Fed's key inflation gauge rose 0.3% in February. The less-than-expected growth provides hope the Fed may soon pause policy rate hikes.
  • Job openings fell below 10 million in February for the first time in 2 years, a sign the Fed’s efforts to slow the labor market may be working.

  • Home prices rose in February after 7 straight monthly declines, according to Black Knight. Lower rates and tight inventory boosted prices.
  • Tight inventory led to a 4% drop in purchase mortgage apps last week, even though interest rates fell.
  • New listings were down 20% year over year in March. Total inventory was about half of what it was in March 2019, just before the pandemic. 

Market Minute Report - Mortgage News