Markets in a Minute, Housing Market News, February 02, 2024

This week’s financial and housing market activity update…”

The latest figures on consumer confidence paint an optimistic picture, reaching the highest point since December 2021 and showing a remarkable increase of over 30% from the low point observed in April 2020.
December witnessed job openings hitting a three-month peak, underscoring the robustness of the labor market as demand for skilled workers persists.
In its recent FOMC meeting, the Federal Reserve chose to keep policy rates steady. However, a noteworthy shift was signaled, expressing a readiness to adjust rates if data confirms a moderation in inflation.

A recent study conducted by Harvard indicates a welcome relief for renters, as costs have tapered off from previous record highs. The current trajectory shows a moderate annual rise near 1%.
The FHFA’s House Price Index brings encouraging news for the real estate market, reporting a growth rate of 0.3% for November on a seasonally adjusted basis. Year over year, there is a substantial increase of 6.6%.
While total mortgage application volume experienced a dip of 7.2% for the week, it’s important to note the nuanced changes within this figure. Purchase applications saw an 11% decrease, whereas refinance applications witnessed a modest uptick of 2%.