• According to minutes from last month's Fed meeting, officials believe current policy is restrictive enough to bring inflation down further. 
  • May's PMI measure of private sector economic health topped estimates to hit its highest level since April 2022, led by the services segment.
  • New claims for unemployment benefits fell last week, as labor market strength continued to support the economy.

Housing News

  • Sales of previously owned homes fell 1.9% from March to April and at the same rate year over year. 
  • First-time buyers were back in April, accounting for 33% of sales, up from 29% a year ago. Cash buyers represented 28% of transactions.
  • Total housing inventory at the end of April was up 9% month to month and 16% year over year but was still at just a 3.5-month supply.

Market Minute Report - Mortgage News