Good Thursday morning, from your Hometown Lender,

A little bit of data out today.

The Bank of England held rates steady at 5.25 percent for the sixth consecutive meeting, but the policy statement laid some groundwork for a June rate cut. Here at home, Unemployment Claims jumped 231k, 10% higher than expected and the highest since last August. Mr. Powell’s comments on the labor market starting to soften seem to have been clairvoyant. The 10-yr improved to 4.49% today and mortgage bonds are a bit better as well.

Here is a pulse on housing from Fannie Mae:

This month, some 67% of consumers indicated that it’s a good time to sell a home, while 20% said it’s a good time to buy a home. These two indicators are up 10 percentage points and 3 percentage points, respectively, since the end of 2023, despite mortgage rates having moved steadily upward. Additionally, the share of respondents who expect mortgage rates to go down over the next 12 months fell to 26%. The full index is up 5.1 points year-over-year.

And, young Americans are starting out with more credit-card debt than generations before them.

As Oyin Adedoyin writes, that financial burden can have long-lasting effects. The rising debt load reflects surging shelter and food prices – not to mention the burden of student loans. The average credit-card balance for 22- to 24-year-olds was $2,834 in the last quarter of 2023, compared with an average inflation-adjusted balance of $2,248 in the same period in 2013.

Stay safe, make today great!