Market Minute - Economy and Housing News - Erin Carvelli

  • Consumer inflation continued its slow-but-steady deceleration last month to the lowest level since April 2021, slightly better than March.
  • Wholesale inflation is also cooling, coming in better than expected. Producer prices increased at the slowest pace since early 2021.
  • The labor market is showing signs of fatigue as well. New unemployment claims hit a 1-1/2-year high. Continuing claims also rose.

  • According to NAR, home prices are still rising in most areas of the country. However, prices fell in 31% of metro areas, some as much as 10%.
  • Purchase mortgage applications rose 5% last week despite still being lower than a year ago. Refi apps were up 10% for the week.
  • A recent BOFA survey reports that 58% of millennials are homeowners. Of those who don’t yet own a home, 66% plan to buy within 2 years. 

Market Minute Report - Mortgage News