Secure the best interest rate
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Last week, the markets had a little something for everyone: rates, rents, and a dash of drama.
Stock markets were a bit of a mixed bag - up, down, and sideways. And while mortgage bonds had their own roller coaster, testing key technical levels and keeping us all on our toes, mortgage interest rates ended the week significantly better than they started.
On the housing front, home price reports showed some moderation in appreciation, especially in big cities, while the nationwide numbers were a bit softer. Buyers are still feeling the pinch from higher rates and sticky home prices, which might explain why pending home sales took a hit - down 6.3% last month.
Rents edged higher in May, but only by 0.4%, and year-over-year rents are actually down 0.5%. That's good news for renters but might mean landlords are adjusting prices to fill vacancies. Apartment List reported a 7% vacancy rate - the highest on record since they started tracking this metric in 2017.
Inflation gave us a bit of a breather too. The Fed's favorite measure - Personal Consumption Expenditures or PCE - came in cooler than expected, with core inflation dropping to 2.5% year over year. But shelter costs are still stubbornly high - like that last party guest who just won't leave.
And let's not forget the drama - President Trump and Fed Chair Jerome Powell had their first face-to-face meeting since 2019. Reports say their meeting was colder than a banker's heart. Surprisingly, no big policy shifts came out of the meeting, but markets will be watching closely.
Looking ahead, next week is packed with reports on job openings, ADP's employment numbers, and the big BLS jobs report. I'm keeping an eye on it all, so you don't have to.
You can win when the market is changing. We can show you how. I’m Emily Caryl Ingram. I lead a team at New American Funding providing home loans throughout the Pacific Northwest. Call, text, or visit emilycaryl.com when you’re ready to get started.
