A quick look at the markets for the week ending December 1, 2023



30 Year Fixed Mortgage Rate Movement
The Fed’s preferred gauge of inflation, as measured by personal spending, increased by 3.5% year over year in October, meeting expectations.
New home sales fell last month, coming in below analysts’ expectations. The drop was likely due to mortgage rates reaching a 2023 high. 
Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024.
The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending.
  
New home sales fell last month, coming in below analysts’ expectations. The drop was likely due to mortgage rates’ reaching a 2023 high. 
Pending home sales also dropped in October, hitting a record low. Limited housing inventory added to the challenge of affordability.
However, mortgage rates have come down from October’s highs. Purchase mortgage applications were up 5% for the week.
  
“Do what you can, with what you have, where you are.”
Theodore Roosevelt