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  • Manufacturing contracted for an 8th month in June, slipping to the weakest level in 3 years.
  • Payroll company ADP reports businesses added the most jobs in a year in June, underscoring the ongoing strength of the labor market.
  • The service sector expanded in June at its fastest pace in 4 months, pointing to a resilient economy.

Housing News

  • Mortgage applications dropped to the lowest level in a month. Purchase apps fell 5% for the week and 22% year over year.
  • Homeowners insurance rates are soaring. Some companies are pulling out of states with high losses from natural disasters, including CA and FL.
  • Pending home sales fell in May to the lowest level in 5 months. The chronic shortage of houses on the market weighed on activity. 

Market Minute Report - Mortgage News


  • Consumer confidence jumped in June, reaching its highest level since January 2022. A strong labor market and economy helped.
  • The 3rd and final estimate of 1st quarter GDP showed economic growth at 2.0%, up from the previous estimate of 1.3%.
  • Unemployment applications fell last week by the most since October 2021. Despite the drop, demand for workers has slowly eased.

Housing News

  • House prices rose slightly in April, up 0.7% from March, according to the FHFA. Prices rose 3.1% year over year.
  • New home sales surged in May, up 12%. Buyers turned to new construction due to the low inventory of existing homes for sale.
  • Purchase mortgage applications rose 3% for the week. Apps were 21% lower year over year due to lack of inventory rather than demand. 

Market Minute Report - Mortgage News


  • In his bi-annual testimony before Congress, Fed Chair Powell hammered home the message that the Fed is not done raising rates to fight inflation.
  • Jobless claims held steady at a 20-month high, remaining elevated for a 3rd straight week and signaling the labor market may be softening.
  • Consumer sentiment rose 8% last month to the highest level in 4 months, reflecting greater optimism about inflation and the economy.

Housing News

  • Single-family homebuilding projects surged 21% in May, the most in more than 3 decades. Permits for future construction also climbed.
  • Existing home sales barely moved from April to May, rising 0.2%. Sales were 20% lower than a year ago amid a critical inventory shortage.
  • Total mortgage application volume increased 0.5% last week. Purchase apps increased 2% for the week despite dropping 40% year over year. 

Market Minute Report - Mortgage News


  • Inflation rose at a 4% rate in May, the lowest in 2 years. However, it remains stubbornly high after excluding volatile food and energy prices.
  • Wholesale inflation fell more than expected in May, dropping 90% year over year and falling below pre-pandemic levels.
  • The Fed paused hiking its policy rate for the first time in 14 months at its June meeting but signaled more hikes could be coming.

Housing News

  • Of roughly 1.1 million homes listed for sale in April, only 25% were affordable to households earning the national median income of $75K.
  • NAR reports the housing market is short more than 300K homes in price points middle-income buyers can afford, creating fierce competition.
  • Mortgage demand remains strong despite tight inventory. Purchase applications were up 8% for the week, though down 24% from last year. 

Market Minute Report - Mortgage News


  • Fed speakers this week hinted at pausing interest rate hikes at their June meeting, with future rate changes based on new data at that time.
  • A deal to suspend the debt ceiling until 2025, preventing payment default, was good for rates.
  • June's ADP report showed labor market strength but slowing pay growth. Dwindling concern about wage-driven inflation could be good for rates.

Housing News

  • The FHFA House Price Index reported nationwide 1st quarter price growth of 4.3% year over year, the 45th consecutive increase.
  • Mortgage apps dropped to the lowest level in 3 months last week, after rates jumped in May. Purchase apps were down 3% for the week.
  • The FHA is proposing a new partial claim option, which would allow delinquent borrowers to get current and keep their low interest rate. 

Market Minute Report - Mortgage News


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