November job growth numbers came in at a disappointing 210K, below the expected 573K. Despite the big hiring miss, unemployment fell to 4.2%.

Jobless claims dropped last week to 184K, the lowest level since 1969. A strong labor market could influence the Fed at next week's meeting.

A recent survey shows individuals plan to spend an average of $1,004 on gifts this holiday season, the highest in 3 years, despite inflation worries.

A brief drop in mortgage rates from Omicron concerns caused a sudden surge in refinancing last week. Refi applications jumped 9% for the week.

Purchase apps, which are less sensitive to weekly rate moves, fell for the first time in 4 weeks, down 5% for the week and 8% year over year.

The FHFA announced 2022 loan limits. Conforming limits start at $647,200, and FHA limits start at $420,680, with high-cost areas nearing $1 million.

The new Omicron variant of COVID-19 shook up markets this week. Stocks dropped and bonds rallied, helping mortgage rates remain low.

Fed Chair Jerome Powell’s testimony before Congress this week has markets concerned the Fed may raise rates sooner than expected in 2022.

The labor market continues to recover. Unemployment claims remained down last week, and continuing claims fell to a pandemic low.

Case Shiller reports home price gains slowed down for the first time since May 2020, but year-over-year prices were still 19.5% higher in September.

Pending home sales rebounded sharply in October, despite rising mortgage rates. Signed contracts on existing homes were up 7.5% from September.

Construction spending rose moderately in October, though spending fell 0.8% for single-family homes and 0.1% for multi-family projects.

Retail sales, a measure of how much consumers spent on goods ranging from autos to food and gas, rose faster than expected in October, even as inflation pushed prices higher.

Despite the strong sales, consumer sentiment hit a 10 yr low in November. Consumers are concerned about the current surge in prices of goods and services.

Jobless claims dropped again last week, as the labor market recovery continues. Now a shortage of workers seems to be the obstacle to faster job growth.

Consumer prices jumped 6.2% in October, the biggest inflation surge in 30 years. Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since 1991.

Wholesale prices rose 8.6% year over year in October, tied for highest ever. With the big increases in inflation, markets are speculating the Fed will raise policy rates sooner.

Jobless claims last week fell to pre-pandemic norms, demonstrating the labor market's continuing recovery from last year's downturn.

A brief drop in mortgage rates helped boost refinance demand, with refi applications rising 7% over the previous week. Purchase applications were up 3% for the week.

Despite Zillow's move out of the iBuyer game, Opendoor and Offerpad posted strong quarterly reports that gave investors confidence in the model.

Homeownership continues to be a great way to build wealth. Accounting for inflation, home prices have jumped 118% since 1965, while income has increased by only 15%.

The Fed left policy rates unchanged at this week's meeting and announced it will begin reducing bond purchases by $15 billion a month starting in November.

Jobless claims for last week came in lower than expected at 269,000, a new pandemic low, as the labor market continues to recover. Continuing claims fell to 2.1 million.

Private companies added 571,000 jobs for the month according to ADP, beating the 395,000 Dow Jones estimate. Leisure and hospitality led the way with 185,000 new positions.

Zillow announced this week it will be exiting Offers, the business it started in December 2019 to buy and flip homes. The move will eliminate 25% of their workforce.

Mortgage applications fell last week, with purchase apps down 2% for the week and 9% from a year ago. Refi apps dropped 4% for the week and 33% from last year.

High prices and low inventory continue to restrain purchase activity, but current application levels still point to a healthy housing market and demand.