Blog


 

 

  • Applications for unemployment benefits rose slightly last week, but remain at a level consistent with a stable labor market.
  • Another key inflation reading shows the 12-month inflation rate at 3.8%, much higher than the Fed's target rate of 2%.
  • Final gross domestic product readings for the first quarter came in softer than preliminary readings, falling from 2% to a final reading of 1.6%.

 

Housing News

 

  • April's new home sales were lower than forecast. Builder incentives failed to motivate buyers at the start of the spring selling season.
  • Housing construction may stay constrained in coming months as builders focus on reducing inventory, currently a new home supply of 9.4 months.
  • Despite mortgage rates moving higher recently, applications to purchase a home were still up 0.4% for the week and up 5% higher than a year ago.

 

 

Market Minute Report - Mortgage News