The Markets in Minutes
- Mortgage rates continue to improve as mortgage bonds reach levels not seen since 2017. The outlook remains good that rates could go even lower this year.
- As U.S. trade tensions have increased, so have concerns about a global economic slowdown, helping mortgage rates remain low.
- The Fed is starting to signal it is open to easing monetary policy. Recent comments have markets looking for Fed policy rate cuts later this year.
- Construction spending was flat in April, but home construction spending declined for the 4th straight month.
- Kitchen remodel expenditures jumped 27% in the past year. The median cost for upgrades was $14,000, according to a survey of over 140,000 homeowners.
- Flipped homes, or homes resold within 12 months after purchase, made up 7.2% of all transactions in the first quarter, the biggest share since the start of 2010.