• The Fed is expected to raise policy rates by 0.5% next week. This move was previously forecast and is already reflected in mortgage rates.
  • Jobless claims moved to the highest level since mid-January last week, totaling 229K, despite signs of an otherwise strong labor market.
  • Credit card balances have spiked to $841 billion and hit new record levels, as consumers deal with the highest inflation in 40 years.

  • Purchase mortgage applications fell 7% for the week and were 21% lower than the same week one year ago.
  • The pace of single-family home construction has fallen across large metro suburban areas due to supply chain issues and economic conditions.
  • Despite skyrocketing to record highs since the pandemic, lumber prices have fallen 12% this week, reaching a new low for 2022.