Weekly Expert Update {Market Report} - February 07, 2022 — American Family Funding - Home Loans | Mortgage

Weekly Expert Update {Market Report} – February 07, 2022

February 7, 2022 abryant

Private payrolls fell by 301K in January vs the expected 200K gain, according to ADP. The drop is blamed on the Omicron variant’s spread.

The core personal consumption expenditures price index, an inflation gauge watched closely by the Fed, rose 4.9% year over year in December.

Job openings totaled nearly 11 million in December, more than 4.6 million above the total unemployment level, according to the Labor Department.

Although housing inventory remains tight, single-family housing starts reached 1.123 million last year, the highest level since 2006.

Newly built homes made up more than one-third of homes for sale in December, the highest share on record, according to Redfin.

Purchase applications were up 4% last week, while refi applications jumped 18% for the week. Both were still lower than a year ago.

Next weeks potential market moving reports are:

Monday, February 7^th – Consumer Credit
Tuesday, February 8^th – Small Business Index, Real Household Debt
Wednesday, February 9^th – Wholesale Inventories
Thursday, February 10^th – Initial Jobless Claims, Continuing Jobless Claims, Federal Budget
Friday, February 11^th – Consumer Sentiment Index, 5-Year Inflation Expectations

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Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.