Market Minute - Economy and Housing News - Erin Carvelli

  • 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.

  • 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