Weekly mortgage demand from homebuyers tumbles 12%, as higher interest rates take their toll
Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
The Conference Board measure of CEO sentiment showed that 57% expect the economy to sustain a "very short, mild recession."
California's state average for a gallon of gas hit a record above $6.
Retail sales were expected to rise 1% in April, according to Dow Jones estimates.
"Housing leads the business cycle, and housing is slowing," said NAHB Chairman Jerry Konter, a builder and developer.
Fed Chair Jerome Powell said he will back interest rate increases until prices start falling back toward a healthy level.
April's consumer price index may show inflation has reached its height.