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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

 

 


  • Readings show that in June, consumers grew less pessimistic about the economy and inflation as global trade tensions showed signs of easing.
  • Although new unemployment claims decreased last week, continuing claims increased to 1.97 million, the highest level since November 2021.
  • Some Fed members have come out saying they would like to see the Fed cut policy rates as soon as next month’s meeting, if inflation stays low.

Housing News

  • Sales of new single-family homes dropped 13.7% in May and 6.3% from a year ago, well below both the six-month and the one-year average.
  • However, pending home sales picked up in May after a sharp decline a month earlier, with contract signings rising 1.8% as inventory levels ease.
  • Home mortgage applications dropped 0.4% last week compared with the previous week, but were 11% higher than the same week a year ago.

Market Minute Report - Mortgage News


  • Inflation remained mild in May as gas prices fell and tariffs had little impact. Economists expect price pressures to grow later this year.
  • Wholesale inflation also showed surprisingly little signs of increasing, despite concerns that tariffs would drive up companies' costs.
  • Jobless claims rose slightly higher than forecast for a 2nd week, yet recurring applications did not imply any significant increase in job losses.

Housing News

  • Realtor.com reports a 5.2% year-over-year increase in investor home sales in 2024, with a median sales price of about $330K.
  • Mortgage demand rose to the highest level in over a month. Purchase apps were up 10% for the week and were 20% higher than a year ago.
  • The housing market faces a record imbalance, with almost 500K more sellers than buyers as of April 2025. 

Market Minute Report - Mortgage News


  • Job openings rose in April, but layoffs surged the most in 9 months. The job market may be cooling as tariff fears cloud the economic outlook.
  • ADP reported private payroll growth of just 37K in May. It was the lowest monthly gain since March 2023 and much less than expected.
  • Jobless claims rose to 247K last week, the highest since October, adding to signs of a cooling job market and rising layoff risks.  

Housing News

  • Construction spending fell in April, as the single-family market was hit by high rates and a growing glut of unsold homes.
  • Though mortgage rates dipped last week, demand fell. Total mortgage applications dropped 3.9% from the week before.
  • Unsold home inventory is up 33% from a year ago. Homes are taking longer to sell as supply outpaces demand. 

Market Minute Report - Mortgage News


  • Consumer confidence soared in May, driven by easing U.S.-China trade tensions and improved outlooks for jobs, stocks, and the overall economy.
  • GDP fell 0.2% in Q1, hit by weak consumer spending and record trade deficits, despite stronger business investment and inventory growth.
  • Minutes from the most recent Fed meeting showed officials favor patience on policy rate changes due to tariff uncertainty and inflation risks.  

Housing News

  • Home prices rose in March, but the pace could slow with more listings. Sellers have returned to the market more readily than buyers.
  • Pending home sales fell 6.3% in April, much more than expected. Rising mortgage rates and economic uncertainty hurt buyer demand.
  • Purchase applications rose 2% last week and were up 18% from a year ago, driven by increased housing inventory in many markets. 

Market Minute Report - Mortgage News


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