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  • Readings show that in June, consumers grew less pessimistic about the economy and inflation as global trade tensions showed signs of easing.
  • Although new unemployment claims decreased last week, continuing claims increased to 1.97 million, the highest level since November 2021.
  • Some Fed members have come out saying they would like to see the Fed cut policy rates as soon as next month’s meeting, if inflation stays low.

Housing News

  • Sales of new single-family homes dropped 13.7% in May and 6.3% from a year ago, well below both the six-month and the one-year average.
  • However, pending home sales picked up in May after a sharp decline a month earlier, with contract signings rising 1.8% as inventory levels ease.
  • Home mortgage applications dropped 0.4% last week compared with the previous week, but were 11% higher than the same week a year ago.

Market Minute Report - Mortgage News