Key Dates This Month For Economic News

• May  2- Jobs Report
• May 13- Retail Sales
• May 14- CPI Report
• May 20- PPI  Report
• May 23- Existing Home Sales

May Mortgage Rate Trends

Existing home sales for the month of April were off by about 1% from March levels. The large increase of inventory is a concern as the industry struggles to balance supply versus demand. Mortgage rates trended down with the news.

The PPI report came in very hot. Core inflation rose at it's fastest pace in the past 17 years, rising .4 and over 6% for the past 12 months. Rapid rising oil prices are certain to be a key factor.

The CPI report for April came in lower that expected. This was good news for the market as it shows inflation is moderating. Mortgage rates were flat with the news.

For the fourth month in a row the retail sales report indicated that the market is slowing down. Retail sales were down in the month of April, mortgage rates are trending up with the news.

The jobs report for the month of April represented the fourth consecutive month that the market has lost jobs. The unemployment rate has risen to 5% and the market lost a net of 22,000 jobs for the month.

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