A quick look at the markets for the week ending December 8, 2023 ‌ 



30 Year Fixed Mortgage Rate Movement
Weakening demand spurred a 3.6% decline in factory orders in October, more than expected and the biggest monthly drop in more than 3 years.
Job openings slid to 8.7 million in October, below estimates and the lowest level since March 2021, signaling a loosening labor market.
Oil prices plunged to a 6-month low due to booming crude supplies. The drop helped push bond yields lower, supporting lower mortgage rates.
  
Falling mortgage rates reignited refinancing activity. Refi apps were up 14% for the week and 10% year over year. 
However, homebuyers are still battling high prices and low inventory. Purchase apps were down 0.3% for the week and 17% year over year.
Still, the housing market holds hope for 2024. Inventory is higher and more homes are under contract than at the end of 2022.
  
“Once you learn to quit, it becomes a habit.”
Vince Lombardi