Rod and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!
- Economic growth in Q1 accelerated, but momentum is slowing. Inflation pressures were much weaker than initially thought, supporting lower rates.
- Consumer confidence rose in May to its highest level since December 2000, thanks in large part to a healthy job market and rising wages.
- However, concerns over a slowing economy and inverted bond yield curves have economists speculating that we could see a recession in the upcoming year.
- According to the FHFA, home prices rose 5.1% in Q1 from a year earlier. This is slower growth than in recent years but still a historically healthy pace.
- Case Shiller also reported home prices rising at a slower pace, despite falling mortgage rates. This is good news, though, for buyers entering the market.
- Pending home sales fell unexpectedly in April. Compared to a year ago, sales were down 2.0%, marketing the 16th straight month of annual decreases.
*Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.