{"id":595605,"date":"2026-01-20T23:39:26","date_gmt":"2026-01-20T23:39:26","guid":{"rendered":"https:\/\/drewdodds.vipmtginc.com\/blog\/?p=595605"},"modified":"2026-01-20T23:39:28","modified_gmt":"2026-01-20T23:39:28","slug":"weekly-mortgage-market-update-inflation-steady-housing-activity-strengthens","status":"publish","type":"post","link":"https:\/\/drewdodds.vipmtginc.com\/blog\/2026\/01\/20\/weekly-mortgage-market-update-inflation-steady-housing-activity-strengthens\/","title":{"rendered":"Weekly Mortgage Market Update: Inflation Steady as Housing Activity Strengthens"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-1024x574.jpeg\" alt=\"\" class=\"wp-image-595606\" style=\"aspect-ratio:1.7843103087753538;width:507px;height:auto\" srcset=\"https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-1024x574.jpeg 1024w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-300x168.jpeg 300w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-768x430.jpeg 768w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-1536x861.jpeg 1536w, https:\/\/drewdodds.vipmtginc.com\/blog\/wp-content\/uploads\/2026\/01\/AdobeStock_1025812949-2048x1148.jpeg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation remains steady and housing activity is gaining momentum as we move through the start of the year. With the Federal Reserve balancing persistent price pressures against a gradually cooling labor market, the economic outlook is being shaped by two major forces: resilient consumer demand and limited housing supply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Below is your 30,000-foot view of what happened last week\u2014and what to watch next.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Weekly Rate Recap (30-Year Fixed)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rate change since Monday, January 12:<\/strong><br>\u2705 <em>Market rate (0 points) is flat week-over-week<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage rates held steady over the past week, reflecting a market that continues to digest inflation data, housing activity, and signals from the Federal Reserve.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways From Last Week<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1) Inflation Remains Steady and In Line With Expectations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation data came in largely as expected:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CPI rose 0.3% month-over-month in December<\/strong><\/li>\n\n\n\n<li><strong>CPI increased 2.7% year-over-year<\/strong><\/li>\n\n\n\n<li><strong>Core CPI rose 0.2% month-over-month<\/strong><\/li>\n\n\n\n<li><strong>Core CPI held at 2.6% year-over-year<\/strong> (<em>lowest since early 2021<\/em>)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Core inflation remains important because it removes more volatile categories like food and energy, giving a clearer picture of underlying price trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Want more details on CPI? You can view the official report here:<br><a href=\"https:\/\/www.bls.gov\/cpi\/\">https:\/\/www.bls.gov\/cpi\/<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">2) Shelter Continues to Drive Inflation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Housing costs continue to be the largest contributor to inflation trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shelter makes up approximately:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>35% of headline CPI<\/strong><\/li>\n\n\n\n<li><strong>44% of core CPI<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Even modest increases in shelter costs have an outsized influence on the overall inflation picture, which is one reason inflation has proven stubborn despite progress elsewhere.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">3) The Fed\u2019s Outlook Remains Balanced<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Federal Reserve continues to walk a careful line:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Persistent inflation supports a <strong>more cautious approach<\/strong> to rate cuts<\/li>\n\n\n\n<li>Cooling labor market conditions increase pressure to <strong>ease policy<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Fed Chair Powell reiterated that there is <strong>\u201cno risk-free path\u201d<\/strong> forward\u2014meaning policymakers are still weighing the risks of cutting too soon versus waiting too long.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4) Existing Home Sales Are Strengthening<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Existing home sales showed improved activity:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Up 5.1% month-over-month<\/strong><\/li>\n\n\n\n<li><strong>Up 1.4% year-over-year<\/strong><\/li>\n\n\n\n<li>Strongest pace in nearly <strong>three years<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This gain came even as inventory dropped sharply for the month, which suggests that buyer demand is still present\u2014especially as affordability improves with better rate levels.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">5) New Home Sales Remain Resilient<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">New home sales held near recent highs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>737,000 annualized pace<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This strength is still being supported by earlier declines in mortgage rates. However, there\u2019s a key challenge: the supply of completed, move-in-ready homes remains limited.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">6) Housing Supply Constraints Continue<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Most of the available new home inventory is either:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>under construction, or<\/li>\n\n\n\n<li>not yet started<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">That creates a major supply bottleneck. If demand increases further, limited available inventory could contribute to upward pressure on prices.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">7) Labor Market Shows \u201cLow-Fire, Low-Hire\u201d Conditions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Jobless claims declined modestly, but remain elevated compared to earlier in the cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This continues to align with a \u201clow-fire, low-hire\u201d environment\u2014meaning fewer layoffs, but also less aggressive hiring, which supports the narrative of a gradually cooling labor market.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">8) Wholesale Inflation Was Mixed<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Producer prices were steady overall:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PPI rose 0.2% month-over-month<\/strong><\/li>\n\n\n\n<li><strong>Up 3% year-over-year<\/strong><\/li>\n\n\n\n<li>Core PPI was <strong>flat month-over-month<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Energy was a notable driver of wholesale inflation, while underlying price pressures in other categories remained stable.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">9) Consumer Spending Rebounded<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Retail sales showed renewed strength:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Retail sales rose 0.6% month-over-month<\/strong><\/li>\n\n\n\n<li>Gains were broad-based<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This suggests consumers remained active heading into the holiday shopping season, supporting continued economic resilience.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What We\u2019re Watching Next Week<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">More housing-related data arrives midweek:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udccc <strong>Wednesday:<\/strong> Pending Home Sales (December)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udccc <strong>Thursday:<\/strong> Jobless Claims<br>Plus several key data releases delayed due to the government shutdown, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Final reading of <strong>Q3 GDP<\/strong><\/li>\n\n\n\n<li><strong>October &amp; November PCE inflation reports<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation has continued to cool gradually, but shelter costs remain a key driver keeping price pressures elevated. Meanwhile, housing activity is showing real signs of improvement as buyers adjust to better rate levels and the market transitions into early-year momentum.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As always, we\u2019ll be on standby to help when needed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cheers,<\/strong><br><strong>Drew (&amp; Team)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation remains steady and housing activity is gaining momentum as we move through the start of the year. With the Federal Reserve balancing persistent price pressures against a gradually cooling labor market, the economic outlook is being shaped by two major forces: resilient consumer demand and limited housing supply. Below is your 30,000-foot view of [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":595606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-595605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Weekly Mortgage Market Update: Inflation Steady as Housing Activity Strengthens - Drew Dodds<\/title>\n<meta name=\"description\" content=\"Inflation held steady as housing activity strengthened. Explore this week\u2019s mortgage market update, rate trends, and what economic reports to watch next.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drewdodds.vipmtginc.com\/blog\/2026\/01\/20\/weekly-mortgage-market-update-inflation-steady-housing-activity-strengthens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weekly Mortgage Market Update: Inflation Steady as Housing Activity Strengthens - Drew Dodds\" \/>\n<meta property=\"og:description\" content=\"Inflation held steady as housing activity strengthened. 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