LAURELWOOD
COMMUNITY NEWS

This week, rising oil prices contributed to higher inflation, with the Consumer Price Index jumping 0.6% in April and reaching 3.8% annually—the highest since May 2023. Mortgage rates climbed to their highest levels of the year, impacting the Los Angeles residential real estate market as housing costs remain a key inflation driver.

Mortgage markets showed volatility this week amid mixed news about the Middle East conflict, with mortgage rates ending slightly lower. The U.S. economy added 115,000 jobs in April, surpassing forecasts and supporting market stability. Wage growth remained modest, and the unemployment rate held steady at 4.3%.

This week, the Federal Reserve maintained the federal funds rate at 3.50 to 3.75%, with a notable split among officials. Core PCE inflation rose to 3.2%, the highest since November 2023, while geopolitical tensions in the Middle East added volatility to mortgage markets. Housing starts surged 11% in March, reaching the highest level since December 2024, despite a drop in building permits.