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According to payroll processor ADP, private companies added 475k new jobs in February. ADP also revised January's report upward by 801K.

In his testimony before Congress, Fed Chair Jerome Powell said he still expects a quarter point Fed policy rate hike at this month's meeting.

New jobless claims came in at 215k, the lowest this year. Continuing claims' 4-week average fell to 1.48 million, the lowest since 1970.

 
 

Pending home sales were down 5.7% in January, continuing what is now a 3-month drop in transactions as inventory remains at an all-time low.

Record increases in home prices translate to record levels of equity for homeowners. The average mortgage holder has $185K in equity.

According to Redfin, U.S. homeowners had lived an average of 13.2 years in their homes in 2021, up from the 10.1-year average a decade ago.


For the Week Ending February 23, 2018

Please enjoy this quick update on what happened this week in the housing and financial markets.

Minutes from the Fed's last FOMC meeting point to more policy rate hikes ahead. Officials have seen an increase in economic growth and an uptick in inflation.
The Fed doesn't control mortgage rates, yet rates are influenced by the Fed's actions. As the Fed raises policy rates this year, mortgage rates will likely follow.
Jobless claims hit a near 45-year low last week, pointing to strong job growth in February. A strong labor market supports the growing economy.
Existing home sales fell unexpectedly in January, possibly due to tight inventory and rising mortgage rates. Home supply has declined for 32 straight months.
New housing starts were up though, to a 1-yr high of 1.326 million in January. Building permits soared to their highest level since 2007.
While builders are busy creating new homes, condos are lacking. Condos are 7% of the multifamily market (down from an average of 22% from 1985-2003).

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Get the most important economic & housing news you need – simple and fast.



For the Week Ending September 15, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets.

Stocks soared to new record highs this week, in part because estimated financial losses from Hurricane Irma dropped from $200 billion down to $50 billion or less.
Higher gas prices and rent increases helped consumer prices jump in August, pointing to firming inflation. The Consumer Price Index rose 0.4% over July.
Low inflation, despite a strong labor market, is seen as causing the Fed to delay raising policy rates for a third time this year. It also supports low mortgage rates.
Mortgage applications jumped this week, as buyers took advantage of low rates. Refinance applications were up 9%, and purchase applications were up 11%.
CoreLogic reports that June mortgage delinquencies were the lowest in nearly a decade. Only 4.5% of outstanding mortgages were in some stage of delinquency.
Fannie Mae's latest survey shows a record number of consumers who say now is a good time to sell a home. Over 36% agreed, up 8% from July's survey.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

Get the most important economic & housing news you need – simple and fast.

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