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  • Wholesale prices posted their largest annual gain in over 3 years in April, pointing to rising inflation pressures from higher supply costs.
  • Consumer prices rose faster than expected in April to the highest levels in 3 years as increased energy costs added to growing inflation concerns.
  • Consumers kept spending in April despite sharply higher gas prices, with retail sales rising for a 3rd straight month.

Housing News

  • Existing home sales edged up less than expected in April as high mortgage rates and affordability challenges weighed on buyers.
  • Existing home inventory was up about 6% for the month. However, annual growth of just 1.4% shows the market remains tight.
  • Buyers appear to be adjusting to higher mortgage rates. Mortgage applications rose 1.7% last week, and purchase applications were up 4%.

Market Minute Report - Mortgage News