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Rising rates aren’t hurting demand {Market Report} May 21st

Rising rates aren’t hurting demand {Market Report} May 21st
May 22, 2018 abryant

 

Let’s Celebrate! Join us at American Family Funding for this Treinta y uno de Mayo Fiesta! May 31, 5:30 pm. RSVP Angie@affloans.com or 661-505-4307.  Hope to see you there!

 

Children really brighten up a household. They never turn the lights off.

My kitchen floor is sticky and I had to do something about it. So finally I went out and bought some slippers.

Before you marry a person, you should first make them use a computer with slow internet service to see who they really are.

How come you never see a headline like “Psychic Wins Lottery”?

I wonder if other dogs think poodles are members of a weird cult.

 

Now The Market Report . . .

 

Retail sales rose 0.3% in April, matching expectations. Consumer spending is also picking up, but higher gas prices are cutting into discretionary spending.

The increase in sales and spending is driving investors’ concerns about increasing inflation. These concerns have helped push mortgage rates higher.

Although jobless claims were slightly higher last week at 220,000, the number of people on unemployment rolls fell to the lowest level since 1973.

 

Home builder confidence rose in May, according to the NAHB. Low unemployment and strong demand have builders looking favorably on the market.

However, housing starts were down slightly in April from March. Lumber costs and difficulty hiring as many workers as needed are contributing factors.

Rising rates don’t seem to be affecting demand for housing. Although mortgage applications fell slightly last week, the decline was mostly for refi applications.

 

I get plenty of exercise—jumping to conclusions, pushing my luck, and dodging deadlines.

 

This week’s potential market moving reports are:

 

Tuesday, May 22nd:         Richmond Fed Manufacturing index

Wednesday, May 23rd:    MBA Mortgage Applications, New Home Sales, FOMC Minutes

Thursday, May 24th:        First Time Jobless Claims, FHFA House Price Index, Existing Home Sales

Friday, May 25th:             Durable Goods Orders

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