If you’re tuning into our weekly update for the first time, welcome! Each week, we break down the latest mortgage rate activity and economic trends to help you stay informed and confidently navigate the market. Let’s dive into what moved rates and housing data this week—and what to keep an eye on next.
Mortgage Rate Movement (30-Year Fixed)
Change since Monday, Nov 24:
📉 Flat (0 points, no movement)
Mortgage rates held steady this week, maintaining their position near recent ranges as markets awaited fresh labor and inflation data.
Market Summary: Signs of Strength Amid Cooling Trends
This week offered a mix of encouraging housing signals and softer economic momentum across several sectors:
🏠 Pending Home Sales Hit 2025 High
Pending Home Sales rose 1.9% in October, marking the strongest pace of the year. As mortgage rates ease and inventory improves, this uptick points to increased closing activity in the months ahead.
🏡 Home Price Growth Cools
Both major home price reports—Case-Shiller and FHFA—indicated a slower pace of appreciation in September:
- Case-Shiller showed a slight monthly decline
- FHFA reported flat monthly pricing
Despite the cooling, year-over-year home values remain higher nationwide.
💼 Labor Market: Slower Rehiring
Initial jobless claims dipped last week, but continuing claims climbed to a four-year high, a sign that rehiring is slowing and the labor market is gradually cooling.
🛍️ Retail Sales Slow
Delayed September data showed:
- Overall retail sales below expectations
- The key “control group”—used to estimate GDP—posted its first decline in five months
This suggests softer consumer momentum heading into the fall.
⛽ Wholesale Inflation Edges Up
The Producer Price Index (PPI) rose in September, driven largely by higher gasoline costs. However, core wholesale inflation—which removes food and energy—remained modest.
Looking Ahead: Key Economic Reports on Deck
Markets will be watching closely for several high-impact releases, including:
- ADP November Jobs Report
- Weekly Jobless Claims
- September PCE Inflation Report (delayed due to prior data disruptions)
These reports will offer new insight into the path of inflation, employment, and future rate expectations.
Final Thoughts
As always, our team is here to help you navigate rate movements, evaluate opportunities, and support your homebuying or refinancing goals.
If you have questions or want to review your scenario, we’re just a message away.
Cheers,
Drew & Team
