The Federal Reserve's June meeting will consider interest rates, again, as the central bank weighs the effect of stubborn inflation that has made life, generally, more expensive for Americans. The benchmark rate that banks charge each other to loan money sits at 5.25% - 5.5%. It's designed to make borrowing more expensive and cool demand in the economy. The bank will consider several data points in its decision. First, jobs.
This particular sector is still getting a kick in the pants. Mortgage rates remain around 7 percent right now, and home sales are just over half of what they were at their peak in 2005. In part, that's because inventory is low, as people don't want to move and let go of the sweet deal they may already have, which pushes prices higher for the homes that are on the market.