Currently, the Retail Sales Report is the sole report that has weight. With the passage of more optimistic inflation data reports, retail sales coming in slightly under expectations will have little to no bearing on the overall outlook. Given the last major reports indicating the economy’s health and state of inflation, there is more optimism toward a potential rate cut this year. Lending partners have still been quick to continue cutting rates.
Consumer Price Index
Sales at U.S. retailers barely rose in May, suggesting Americans are feeling the weight of lingering inflation and high interest rates. Sales edged up 0.1% last month. They had been forecast to rise 0.2%, based on a Wall Street Journal poll of economists.
Primary Mortgage Market Survey Index
- 15-Yr FRM rates are seeing a decrease by -0.04% with the current rate at 6.13%
- 30-Yr FRM rates are seeing a decrease by -0.08% with the current rate at 6.87%
MND Rate Index
- 30-Yr FHA rates are seeing an increase by 0.05% for this week. Current rates at 6.49%
- 30-Yr VA rates are seeing an increase by 0.05% for this week. Current rates at 6.50%
Jobless Claims
Initial Claims were reported to be 238,000 compared to the expected claims of 235,000. The prior week landed at 243,000.
What’s Ahead
One of the Federal Reserve’s preferred inflation data points will be released next week in the PCE Prices Report, followed closely by the Chicago PMI and the Univ. Michigan Consumer Sentiment reports.
