Blog


  • Retail sales rose 0.1% in May, coming in weaker than expected as consumers continued to wrestle with stubbornly high levels of inflation. 
  • New jobless claims fell from their 10-month high last week, but continuing claims rose for the 7th straight week.
  • Fed officials continue to signal that rate cuts aren't likely until more data supports trends toward cooler inflation and higher unemployment.

Housing News

  • New home construction slumped in May to its slowest pace in 4 years. Higher mortgage rates sapped the momentum gained earlier this year. 
  • Building permits fell in May to the weakest level since June 2020. Permits for single-family homes dropped for the 4th straight month.
  • Purchase mortgage apps were up 2% for the week, though down 12% from a year ago. Tight supply and higher rates have slowed home sales.

Market Minute Report - Mortgage News