Mortgage Rates Rise - 6/3/2022
- The Fed’s preferred inflation gauge, the core PCE, rose 4.9% year over year in April, a deceleration from March and in line with estimates.
- According to ADP, May saw the fewest jobs added since the pandemic recovery began, despite a record level of job openings.
- Even with the hiring slowdown, demand for labor remained strong. Both new and continuing unemployment claims fell for the week.
- According to Case-Shiller, home prices nationally were 20.6% higher in March than in March 2021, despite higher mortgage rates.
- Realtor.com reports home listings increased for the first time since June 2019, suggesting housing supply could be improving.
- Construction spending rose slightly in April. Single family home spending grew by 0.5%, and multi-family home spending was up 0.8%.