Analysis and Data

November CPI report shows annual inflation at 7.1% in November, down from 7.7% in October.

Consumers also more optimistic that household income will grow.

Overall rate lock dollar volume down 21.5% month over month, remaining at the lowest level since February 2019.

Home price gains slowed in September 2022, according to the S&P CoreLogic Case-Shiller Indices.

The market may not stay calm for very long, though.

The Mortgage Credit Availability Index increased, indicating loosening credit.

The 4-week decline is the largest since 2008.

Elevated interest rates paired with housing market seasonality has driven declines in new inventory and listings.

In report to Congress, agency says VA loans have risen to 45% of its MBS portfolio over 10 years.

NAHB says the percentage offering deals remains below 2008 levels.