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  • In a recent Fed survey, consumers expected inflation to be at 3% a year from now, down from previous surveys and back to pre-tariff levels.
  • Last week's stronger-than-expected jobs data surprised markets and took chances of a July Fed policy rate cut off the table.
  • Continuing unemployment claims, an indicator of the total unemployed population, came in at the highest level since November 2021.

Housing News

  • Purchase mortgage applications rose 9% for the week and were a staggering 25% higher than the same week a year ago.
  • Just 3.1% of homeowners moved in 2024, an all-time low and 24% below pre-pandemic levels, Harvard’s Joint Center for Housing Studies reports.
  • NAR praises policy wins in H.R. 1, including the permanent mortgage interest deduction and temporary increase in the SALT deduction cap.

Market Minute Report - Mortgage News