MarketMinute 9/22 | Rates, Sales, Jobs, Credit
?? High mortgage rates pushed homebuilder confidence to the lowest level since April, as more buyers are waiting to purchase.
?? Housing starts fell to the lowest level since 2020. However, a jump in permits suggests optimism.
?? Existing home sales fell to a 7-month low. Low inventory has helped push values higher and drive up the median selling price to $407,100.
?? The Fed kept policy rates unchanged at the September meeting. They signaled one more hike in 2023, while cuts are less likely in 2024.
?? Jobless claims fell last week to the lowest level since January, indicating a healthy labor market.
?? The average credit card interest rate hit an all-time high. Total credit card debt topped $1 trillion for the first time ever.