The dominant economic news last week was around the topic of inflation. Retail Sales came in hotter than expected on Tuesday. On Wednesday, Housing Starts came in just slightly below expectations while Building Permits exceeded expectations. This was echoed on Thursday with Existing Home Sales which came in slightly above estimates.
Economic news was mixed last week. Existing homes sales came back slightly below estimates, while new home sales slightly exceeded them. The housing market continues to be impacted by a reduced inventory of homes as well as higher interest rates.
As of Thursday, Freddie Mac reported that the 30-Year Fixed Rate Mortgage Average in the United States hit a 22-year high at 7.23 percent. The last time that the 30-year fixed rate was this high was in June of 2001.
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