Market Movement
Mortgage rates continued their downward trend last week. Home price appreciation continued to increase in December. Mortgage application submissions trended downward a couple weeks ago. New home sales slipped in January, as did pending home sales. The GDP in Q4 remained unchanged. Continuing jobless claims decreased while initial jobless claims increased. Inflation came in as expected, while personal income was higher than expected and personal spending decreased in January.
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Market Recap
Home price appreciation on the FHFA house price index climbed by 0.4% month-over-month in December. This doubled the expected monthly increase.
Home prices on the 20-city Case-Shiller home price index increased 0.5% month-over-month in December.
Mortgage application submissions slipped 1.2% during the week ending 2/21. Refinance application submissions slipped 4% while purchase application submissions were unchanged.
New home sales were at a seasonally adjusted annual rate of 657,000 in January, a 10.5% decrease from the month before.
Continuing jobless claims were at 1,862,000 during the week ending 2/15, a decrease of 5,000 from the week before. Initial jobless claims were at 242,000 during the week ending 2/22, an unexpectedly large increase of 22,000 from the week before.
The GDP estimate for Q4 2024 remained unchanged at 2.3%.
Pending home sales fell 4.6% month-over-month in January, which was larger than the expected decline of 0.9%.
The core PCE index came in at 0.3% in January, which was as expected. Personal income was higher than expected at a 0.9% increase in January. Personal spending was expected to increase, but fell by 0.2%.
Brought to you by Harrison George of CMG Financial. Inquire within
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