A quick look at the markets for the week ending December 15, 2023

30-Year Fixed Mortgage Rate Movement
The Fed signaled it is most likely done raising policy rates and may cut them at least 3 times in 2024, helping mortgage rates improve. 
Inflation slowed to a 3.1% annual rate in November, in line with expectations and supporting the end of Fed rate hikes.
November retail sales came in unexpectedly higher, and jobless claims fell to near historic lows, signs the economy and labor market remain strong.
As mortgage rates fell, refi applications jumped 19% for the week and 27% over last year. 
Purchase applications were up 4% for the week but were still 18% lower year over year. Tight inventory continues to restrain sales.
ICE reported home prices hit yet another high in October. Unadjusted annual growth rose to 4.6%, up from 4.2% in September.
“Never say never, because limits, like fears, are often just an illusion.”
Michael Jordan