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The economic recovery gained steam through the 1st quarter, as a rush of consumer spending helped push annual GDP growth to an estimated 6.4%.

The Fed left policy rates unchanged at this week's meeting and reiterated plans to maintain the current pace of bond buying, which will help keep mortgage rates low.

Jobless claims fell last week to a fresh pandemic-era low as more people got vaccinated and returned to work, signaling the job market is steadily returning to pre-pandemic strength.

 

 

 

 

New home sales rebounded in March, surging 20.7% to the highest level since 2006. The median price of a new home sold in March was $330,800, up slightly from a year ago.

Pending home sales rose less than the expected 5% in March, up just 1.9% from February. Growth was likely tempered by lean inventory.

Due to volatile rising lumber costs, builders have started protecting themselves from ongoing price increases by adding escalation clauses to home buyer contracts.