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  • Revised Q1 GDP data showed slower economic growth than initially reported, as spending and inflation moved lower. 
  • Unemployment benefits ticked higher to 219K, but underlying strength in the labor market still showed signs of persisting.
  • The Fed reported "slight or modest" economic expansion in most regions since April. Businesses grew "somewhat more pessimistic."

Housing News

  • The FHFA index showed sharply slowing house price growth in March, likely as rising mortgage rates weighed on demand. 
  • Pending home sales fell to a 4-year low in April, down in all regions compared to both the previous month and last year.
  • Weekly mortgage demand dropped to a 3-month low last week. Purchase apps fell 1% for the week and 10% year over year.

Market Minute Report - Mortgage News