Here’s your weekly look at what’s happening with rate movement, the economy and the housing market:
Mortgage rates move higher after strong labor market data decreased chances of a March Fed policy rate cut.
Job growth posted a surprisingly strong increase in January, showing the labor market is solid and poised to support broader economic growth.
Fed officials continue to state that policymakers have time to be patient about the timing of Fed policy rate cuts, pressuring mortgage rates.
Jobless claims dropped for the first time in three weeks, suggesting employers are still largely holding onto workers.
Realtor: NAR membership fell in January for the third consecutive month, though there are still over 1.5 million members.
According to Fannie Mae, consumer sentiment toward housing reached its highest level in nearly two years, despite concerns about affordability.
Purchase mortgage apps dropped 1% last week and were 19% lower than a year ago. Homebuyer demand flattened with rising mortgage rates.