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Mortgage Rate Locks to Remain a Challenge

"High inflation and the Fed's actions to curb it have had a significant impact on the housing market this year. And while inflation has begun to ease, the sustained spike in mortgage rates was enough to stifle the housing market after several years of low rates and strong activity," said Realtor.com Chief Economist Danielle Hale.

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Mortgage Apps Rise Slightly Week-Over-Week

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

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May’s Housing Starts Rise Above Expectations

“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.

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David Smith Appointed Head of Truist Mortgage

A veteran of two decades in the industry, David Smith is promoted to new role with Truist, leading strategy and execution for all areas of mortgage including originations, fulfillment, nationwide direct channels, correspondent, warehouse lending, and servicing.

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