Blog
- Consumer inflation continued its slow-but-steady deceleration last month to the lowest level since April 2021, slightly better than March.
- Wholesale inflation is also cooling, coming in better than expected. Producer prices increased at the slowest pace since early 2021.
- The labor market is showing signs of fatigue as well. New unemployment claims hit a 1-1/2-year high. Continuing claims also rose.
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- According to NAR, home prices are still rising in most areas of the country. However, prices fell in 31% of metro areas, some as much as 10%.
- Purchase mortgage applications rose 5% last week despite still being lower than a year ago. Refi apps were up 10% for the week.
- A recent BOFA survey reports that 58% of millennials are homeowners. Of those who don’t yet own a home, 66% plan to buy within 2 years.
