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Market Movement September 23, 2024

Writer's picture: Harrison GeorgeHarrison George




Notable News:

  • Why did mortgage rates trend higher after the Fed rate cut? Read Now >>

  • Housing will be the most important issue over the next several years. Watch Now >>

  • How low could rates fall now that the Fed has started to cut? Economists weigh in. Read Now >>


Market Recap

  • Retail sales climbed 0.1% month-over-month in August despite expectations for a 0.2% decrease.

  • The National Association of Home Builders (NAHB) housing market sentiment index was at 41 in September, which was a two-point increase from the month before. This breaks a four-month streak of declines. Current sales conditions climbed by one point to reach 45, while the expectations for the next six months rose four points to reach a level of 53.

  • The Federal Open Market Committee (FOMC) voted to cut the benchmark interest rate by 0.5% last week, marking the first cut in four years.

  • Mortgage application submissions surged 14.2% during the week ending 9/13. Thanks to the notable trend lower in rates, the Refinance increased 24% week-over-week and 127% year-over-year. The seasonally adjusted purchase index climbed 5% from the week before.

  • Building permits climbed by 4.9% month-over-month in August, surging past expectations to reach a level of 1.475 million. Housing starts were above expectations in August as well, rising 9.6% month-over-month to reach a level of 1.356 million.

  • Continuing jobless claims defied expectations during the week ending 9/7 by falling 14,000 down to a level of 1,829,000. Initial jobless claims fell by 12,000 during the week ending 9/14, bringing the total number of initial claims down to 219,000. 

  • Existing home sales slipped by 2.5% in August, bringing the total down to 3.86 million.


Economic Calender Outlook




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