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March Jobs Report Commentary from MBA's Mike Fratantoni
“Employment increased by 178,000 in March. However, this topline number overstates the strength of this report. Much of the gain was a rebound in health care jobs following the resolution of a strike. The prior two months were revised down by a net 7000 jobs, with February revised to a 133,000 net loss. The 3-month average of 68,000 for the first quarter of the year is likely the best signal of a job market showing resilience amid a number of challenges."
Stewart Valuation Intelligence Acquires Nationwide Appraisal Network
Stewart Valuation Intelligence, a Stewart Information Services Corporation company, announced today that it has acquired Nationwide Appraisal Network, LLC, a nationally recognized appraisal management company with more than two decades of leading and shaping the appraisal industry.
Mortgage Applications Decrease in Latest MBA Weekly Survey
“The 30-year mortgage rate, now at 6.57 percent, reached its highest level since last August and is up half a percentage point from just one month ago. Refinance application volumes declined sharply again last week, dropping 17 percent, and are down more than 40 percent compared to last month,” said Mike Fratantoni, MBA’s SVP and Chief Economist.
Builders Respond to Affordability Challenges with Buyer Incentives and Innovative Designs
In 2025, a typical existing home sold for 1% more than a newly built home. Since 2022, median new home prices have declined by 5%. Builders are narrowing the price gap by adjusting costs and design. According to a recent NAHB survey, 64% of builders offered sales incentives and 37% cut prices.
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