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  • Retail sales saw their biggest jump in more than 2 years last month as consumers rushed to buy ahead of tariffs.
  • Fed Chair Powell reiterated this week that the Fed must ensure tariffs don’t trigger a persistent rise in inflation, making rate cuts unlikely.
  • Unemployment claims fell to a 2-month low last week, evidence companies weren't turning to large-scale layoffs as tariffs hit. 

Housing News

  • Builder sentiment stayed negative in April. Tariff worries and high material costs outweighed a slight boost from lower mortgage rates.
  • Purchase mortgage applications dropped 5% for the week but were 13% higher than the same week a year ago.
  • More borrowers turned to adjustable rate mortgages last week after interest rates made a sudden jump amid market chaos. 

Market Minute Report - Mortgage News