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Market Minute - Economy and Housing News - Erin Carvelli

  • Unemployment hit a 53-year low last month, with over 500k new jobs created. The labor market remains strong despite the Fed rate hikes.
  • Mortgage rates rose as markets began anticipating 2 additional Fed rate hikes that would raise the policy rate to at least 5%.
  • After constricting in December, the ISM service sector index came in higher than expected in January, a hopeful economic sign.

  • Although still lower than a year ago, purchase mortgage applications rose 3% for the week. Refi apps were up 18%.
  • Black Knight reports 57% of recent borrowers accessed lower rates with permanent rate buydowns. Nearly 25% paid 2 or more points.
  • Housing inventory fell by 8,664 units last week. Continuing inventory declines can help mitigate falling home prices. 

Market Minute Report - Mortgage News