Consumer Credit Growth Increased in May

ABA economists believe this month's data reflects resiliency despite the effect of higher interest rates. Continued growth suggests mortgage demand will remain steady in the near term, though higher energy prices and interest rates threaten long-term momentum.

Homebuilder confidence in the market for newly built single-family homes increased three points to 37 in May, according to the NAHB/Wells Fargo Housing Market Index.

Hotter-than-expected inflation data in April pushed financial markets to sharply revise expectations for Federal Reserve monetary policy.

Industrial production increased 0.7% in April after decreasing 0.3% in March. In April, manufacturing output rose 0.6%, the index for mining ticked down 0.1%, and utilities output moved up 1.9%.

The rate for a 30-year fixed-rate mortgage was 6.36% this week. The rate for a 15-year fixed-rate mortgage was 5.71%.

Advance estimates of U.S. retail and food services sales were up 0.5% from the previous month and in line with market expectations. The ABA Office of the Chief Economist believes this month’s retail sales report reflects a normalization...