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  • Consumer confidence soared in May, driven by easing U.S.-China trade tensions and improved outlooks for jobs, stocks, and the overall economy.
  • GDP fell 0.2% in Q1, hit by weak consumer spending and record trade deficits, despite stronger business investment and inventory growth.
  • Minutes from the most recent Fed meeting showed officials favor patience on policy rate changes due to tariff uncertainty and inflation risks.  

Housing News

  • Home prices rose in March, but the pace could slow with more listings. Sellers have returned to the market more readily than buyers.
  • Pending home sales fell 6.3% in April, much more than expected. Rising mortgage rates and economic uncertainty hurt buyer demand.
  • Purchase applications rose 2% last week and were up 18% from a year ago, driven by increased housing inventory in many markets. 

Market Minute Report - Mortgage News