Houtan Hormozian breaks down Fed minutes, inflation data, and mortgage rates in 60 seconds. Inflation came in stronger than expected, jobless claims signal a tight labor market, and Zillow found 550 million-dollar cities across the U.S.
Markets in a Minute. Minutes from last month's Fed meeting showed officials were concerned that inflation was easing but wasn't moving lower in a convincing fashion. Mortgage rates rose this week as markets reacted to stronger-than-expected inflation data that makes it less likely the Fed will cut rates. Jobless claims last week also fell more than expected, and continued claims also fell. suggesting the labor market remains tight. The number of new listings continues to grow, with 54,769 listings last week. That's down from the 55,008 listings the same week last year. Purchase mortgage applications were down 5% for the week and were 23% lower than a year ago, but refinance apps jumped 10% for the week. As of February, the U.S. had 550 million-dollar cities, or areas where the typical home is worth more than $1 million, according to Zillow. Thanks for watching. The last word. What lies behind you and what lies in front of you pales in comparison to what lies inside of you. Ralph Waldo Emerson.
