• Consumer inflation data for April was slightly better than expected after coming in higher for 3 consecutive months, a good sign for rates. 
  • Retail sales were unexpectedly flat in April, down from last month's 0.6% increase, an indicator that consumer spending may be losing momentum.
  • Jobless claims were slightly lower last week, but continuing claims — the number of people receiving benefits — rose to 1.79 million.

Housing News

  • Fewer homeowners are investing in renovations. After peaking in late 2022, the Leading Indicator of Remodeling Activity has steadily fallen. 
  • Despite falling rates, purchase mortgage apps were down 2% for the week and 15% year over year.
  • Home sale profits have risen along with values. In 2023, nearly 8% of home sales yielded profits exceeding $500K, compared with about 3% in 2019.

Market Minute Report - Mortgage News