Zdraveite!
Inflation, Hotter than France: PCE came in at 4.1%, the hottest reading in 3 years. Supercore showed that even as oil goes towards normalcy, the increased energy expenditures are still propagating through the inflationary systems.
Forecasts: Rates stayed stable, and forecasts now have our chances of a Fed rate hike in July down to 33%, down from the 42% before. Why? Between potentially peace in Iran having oil back to pre-war levels, level jobless claims, and PCE not coming in... as high as it could have been.
New Home Sales: 580K sales versus the expected 620K were 7% lower than last month's home sales and down 6.8% YoY. That bumps up our inventory to 10.3 months, from last month's 9.4, and both of which are well above the 6-month level that many call a balanced market. Despite that?
Stable Lending: Rates stayed stable and and applications did the same, both basically flatlined for the week.
Road To Housing Speedbump: The Road to Housing passed the Senate. President Trump refused to sign it until they pass the SAVE America Act.
FHFA Updates: Pulte wants to expand the title waiver program, still focusing on refinances. They're also updating their Duty to Serve. Significantly, it would push Fannie and Freddie to provide a pathway for chattel loans. That would meaningfully support manufactured housing.