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Market Movement January 30, 2024


Mortgage Rates and Applications Economic Indicators
Market Movement January 30, 2024

Notable News:


Market Recap

  • Mortgage application submissions increased a composite 3.7% during the week ending 1/19. The holiday adjusted Refinance Index decreased 7% while the seasonally adjusted Purchase Index increased 8%.

  • Continuing jobless claims were at 1833,000 during the week ending 1/13, a 27,000 increase from the week before. Initial jobless claims were at a level of 214,000 during the week ending 1/20, a 25,000 increase from the week before.

  • The GDP estimate for quarter four of 2023 was at 3.3%, which was higher than expectations.

  • New home sales jumped 8% month-over-month in December, rising to a seasonally adjusted annual rate of 664,000. This was higher than the expected 645,000.

  • The core PCE Index was right on the dot in December at 0.2% month-over-month. Annually, the index was slightly lower than expectations at 2.9%. Personal income was as expected at 0.3%, but consumer spending was higher than expected at 0.7%.

  • Pending home sales greatly surpassed expectations in December, climbing 8.3% month-over-month. They were expected to rise 1.5%. The recent downward trend and rates is likely a contributing factor.





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