Market Minute - Economy and Housing News - Erin Carvelli

  • 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.

  • 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