Market Movement December 18, 2023

Notable News

• Sub 7% mortgage rates are set to “thaw” the market. Watch Now >>

• The rate cut cycle has begun. Listen Now >>

• The housing market is picking up. Read Now >>

Market Recap

• Inflation on the consumer price index was as expected in November, at 0.3% month-over-month and 3.1% annually.

• Mortgage application submissions surged 7.4% during the week ending 12/8, marking the sixth consecutive week of increases. The Refinance Index skyrocketed 19% week-over-week and was 27% higher than the same week one year ago. The seasonally adjusted Purchase Index jumped 4% week-over-week.

• The Fed voted to leave interest rates unchanged in December and projected that there will be three 25-basis-point rate cuts in 2024.

• Continuing jobless claims jumped by 20,000 during the week ending 12/1 to reach a level of 1,876,000. Initial jobless claims were at a level of 202,000 during the week ending 12/8, a 19,000 decrease from the week before.

• Retail sales inched up 0.3% month-over-month in November vs. the 0.1% decrease expected.