Mortgage rates continued to decline last week, despite a strong consumer price index report on inflation. Consumer credit rose higher, mortgage application submissions increased, and jobless claims declined.
Market Recap:
- Consumer credit rose 23.75 B in November, over 2x the expected amount.
- Mortgage application submissions jumped a composite 9.9% during the week ending 1/5. The holiday adjusted Refinance Index increased 19% from the previous week and was 30% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 6% from one week earlier.
- The consumer price index was at 0.3% month-over-month and 3.4% year-over-year – higher than expected. The core monthly index was right in line at 0.3% month-over-month, which was as expected.
- Initial jobless were at 202,000 during the week ending 1/6, a slip of 1,000. Continuing jobless claims slumped by 34,000 during the week before.
Notable News:
- CMG Financial announces new All In One Loan™ One-Time Close Construction-To-Permanent Program. Read Now >>
- HousingWire Lead Analyst talks about how many homes will see price cuts this spring. Listen Now >>
- Consistent cash flow from home builders likely in 2023. Watch Now >>
Local:
Reduce debt and improve credit for better mortgage rates
