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  • Retail sales jumped 0.7% in March, much more than expected. It was the 2nd straight monthly increase and another sign of a resilient economy. 
  • As progress stalled on lowering inflation, Fed officials signaled they are likely to keep rates higher for longer this year.
  • Last week’s jobless claims were flat at 212K, showing no signs of rising layoffs in the strong labor market.

Housing News

  • Builder sentiment was flat in April as mortgage rates hovered close to 7% and 1st quarter inflation data failed to show improvement. 
  • Single family home starts fell 12.4% for the month in March but were still 17.4% higher year over year.
  • Mortgage applications rose for the 2nd straight week, even with higher rates. Purchase apps jumped 10% and refi apps were up 3% for the week.

Market Minute Report - Mortgage News