New home sales Wednesday, inflation Thursday, and the client question you'll hear

Rates are flat today after manufacturing and service sector data came in strong. The economy is still growing, which keeps pressure on rates, but nothing moved this morning. Wednesday brings new home sales, and Thursday is the big one: the government's inflation report for May. If inflation runs hotter than expected, rates could tick up. If it's cooler, we might see a small drop.

Your buyer clients will ask if they should lock now or wait until after Thursday. Here's the straight answer: if they're ready to lock and the payment works, today's average rate of 6.5% is as good as we've seen in a while, and waiting is a gamble. If they've got time and want to see Thursday's number first, that's fine too, but they need to know rates could go either direction. For sellers, the story is the same as last week: inventory is still low, and buyers who can afford today's payment are still looking. The rate isn't the problem. Supply is.

I'm here if you need a quick answer for a client, or if you want to walk through the numbers together. I answer my own phone.