Mortgage Rates, Inventory, and Jobs A Market Check You Shouldnt Ignore

Here's your quick market insight. Fed Chair Powell said that current Fed actions won't fix the main problems in the housing market, such as the ongoing supply shortage and the slowdown caused by homeowners holding on to their low-rate mortgages. In November, active listings were nearly 13% higher compared to last year, but new listings increased by only 1.7%, according to Realtor.com. Meanwhile, purchase mortgage applications fell 2% for the week, although they were still 19% higher than the same week one year ago. Jobless claims increased last week by the largest amount since the start of the pandemic, showing how unpredictable the labor market can be during this time of year. The Fed cut its policy rate this week, its 3rd rate cut of the year, even though many Fed officials said they did not support the decision. In October, job openings rose slightly, but the combination of weak hiring and the lowest quits rate in 5 years signals ongoing economic uncertainty. Thoughts on this update? Comment below. Give us a like, Tag a friend and let's keep the conversation going. Message us here or visit our website.