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  • According to the Fed, the excess savings Americans stored away during the pandemic ran dry months ago, and the economy is feeling the effects.
  • Consumer confidence fell in June amid worries about the economy, though households remained upbeat about the labor market and inflation.
  • Total unemployment claims rose to the highest level since 2021, a warning sign unemployed workers need longer to find a job.

Housing News

  • According to the FHFA, house prices rose 0.2% for the month in April and were up 6.3% on the year.
  • New home sales, which make up about 10% of the market, fell to a 6-month low in May. It was the steepest monthly decline since Sept 2022.
  • Pending home sales unexpectedly fell to an all-time low in May, as elevated mortgage rates and rising home prices discouraged buyers.

Market Minute Report - Mortgage News