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  • According to minutes from last month's Fed meeting, officials believe current policy is restrictive enough to bring inflation down further. 
  • May's PMI measure of private sector economic health topped estimates to hit its highest level since April 2022, led by the services segment.
  • New claims for unemployment benefits fell last week, as labor market strength continued to support the economy.

Housing News

  • Sales of previously owned homes fell 1.9% from March to April and at the same rate year over year. 
  • First-time buyers were back in April, accounting for 33% of sales, up from 29% a year ago. Cash buyers represented 28% of transactions.
  • Total housing inventory at the end of April was up 9% month to month and 16% year over year but was still at just a 3.5-month supply.

Market Minute Report - Mortgage News

 


  • 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


  • The DJIA stretched its winning streak to 6 straight sessions this week, closing above 39K points for the first time in 5 weeks. 
  • This year, consumers will borrow an estimated $334 billion through "buy now, pay later" loans, which often are not reported to credit agencies.
  • The May jobs report showed 175K new jobs in April, a 6-month low. Labor market declines open the door for the Fed to cut rates sooner in 2024.

Housing News

  • According to the New York Fed, renters put the probability of ever owning a home at a record low of 40.1%, a decrease from 44.4% a year ago. 
  • NAR reports home prices trended up in 205 of 221 metro areas during the first quarter, with 30% experiencing double-digit gains.
  • Rates dipped last week, causing refinance apps to increase 5% for the week. Purchase apps rose 2% but were 17% lower than a year ago.

Market Minute Report - Mortgage News


  • The Fed kept its policy rate unchanged at this week's FOMC meeting but kept alive hopes for at least one rate cut this year. 
  • Job openings fell to a 3-year low in March, and fewer people quit their jobs. Declining labor market conditions could be good for rates.
  • Consumer confidence dropped to a 21-month low in April, falling for the 3rd straight month amid concerns about the cost of food and gas.

Housing News

  • The FHFA House Price Index climbed at a faster than expected 1.2% rate for the month in February, reversing a 0.1% decline in January. 
  • Construction spending fell unexpectedly in March, though the acute housing shortage supports continuing activity.
  • The share of ARM applications rose to 7.8% of mortgage demand last week. Purchase apps fell 2% for the week and 14% from a year ago.

Market Minute Report - Mortgage News

 

 


  • Orders for durable goods jumped 2.6% in March, mostly in transportation. Limited increases elsewhere signaled manufacturing weakness. 
  • The economy grew last quarter at the slowest pace in 2 years. Consumer and government spending cooled amid a sharp uptick in inflation.
  • The first-quarter measure of underlying inflation advanced at a greater-than-expected 3.7% clip, the first quarterly acceleration in a year.

Housing News

  • Sales of newly built single-family homes, which make up about 10% of the market, jumped 8.8% in March, the most since December 2022. 
  • Total mortgage applications dropped 2.7% last week. Purchase apps were down 1% on the week and 15% lower year over year.
  • Pending home sales posted a bigger-than-expected increase in March. Buyer demand held relatively steady in the face of higher mortgage rates.
  • Market Minute Report - Mortgage News

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