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February 7 2024 Market Movement

  • Mortgage Rates dip after Fed meeting. Freddie Mac expects rates to decline more.  Read Now >>

  • How many Fed rate cuts will we see in 2024?.  Listen Now >>

  • Federal Reserve holds interest rates steady, sets the stage for cuts. Watch Now >>

  • The house price index climbed to 417.4 in November, a 0.3% month-over-month and 6.6% year-over-year gain.

  • The seasonally adjusted Case-Shiller home price index increased 0.1% month-over-month in November, which was lower than the 0.5% expected gain.

  • The Job Openings and Labor Turnover Survey (JOLTS) climbed to a level of 9,026,000, which was higher than expectations.

  • The ADP National Employment Report dropped to a rate of 107,000, much lower than the expected level of 145,000.

  • Mortgage application submissions declined a composite 7.2% during the week ending 1/26. The seasonally adjusted Purchase Index fell 11% while the seasonally adjusted Refinance Index climbed 2%.

  • The Federal Open Market Committee (FOMC) voted to hold interest rates steady, leaving the benchmark interest rate at 5.50%.

  • Continuing jobless claims were at 1,898,000 during the week ending 1/20, a 70,000 surge from the week before. Initial jobless claims were at 224,000 the week ending 1/27, an increase of 9,000 from the week prior.

  • Construction spending exceeded expectations and rose 0.9% month-over-month in December.

  • In January, average hourly earnings increased 0.6% month-over-month while the average workweek slipped to 34.1 hours. Government payrolls were at 36,000, while manufacturing payrolls were at 23,000. Nonfarm payrolls were higher than expected at 353,000 and private nonfarm payrolls soared to 317,000. Though experts predicted a slight increase, the participation rate was unchanged at a level of 62.5%. The unemployment rate inched up to 7.2%.

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