Please enjoy this quick update on what happened this week in the housing and financial markets.
|Reports on retail sales, housing and industrial production offer a favorable view of growth for Q2. Continued expansion supports a Fed rate increase.|
|This week's jobless claims are lower than expected, further supporting growth. The strong labor market is a pillar of the improving economy.|
|Comments by Fed policymakers also point to a nearing Fed policy rate increase. Economists speculate we may see an increase as soon as June.|
|New home sales surged to an 8-year high in April, jumping 16.6%. Prices for new homes also hit a record high, as tight inventory continues to drive up prices.|
|Millennials aren't just buying homes; they're selling them too. NAR reports that the number of agents under 30 years old has increased from 2% to 5% since last year.|
|Pending home sales were up 5.1% in April, hitting the highest levels in a decade. Demand continues to soar, fueled by an improving economy and low rates.|
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.