A better week for rates and apps – Markets in a Minute

A quick look at the markets for the week ending May 10, 2024 ‌ 

	The DJIA stretched its winning streak to 6 straight sessions this week, closing above 39K points for the first time in 5 weeks.
	This year, consumers will borrow an estimated $334 billion through “buy now, pay later” loans, which often are not reported to credit agencies.
	The May jobs report showed 175K new jobs in April, a 6-month low. Labor market declines open the door for the Fed to cut rates sooner in 2024.
	According to the New York Fed, renters put the probability of ever owning a home at a record low of 40.1%, a decrease from 44.4% a year ago.
	NAR reports home prices trended up in 205 of 221 metro areas during the first quarter, with 30% experiencing double-digit gains.
	Rates dipped last week, causing refinance apps to increase 5% for the week. Purchase apps rose 2% but were 17% lower than a year ago.