Friday’s employment report showed strong job growth with 157,000 new jobs added in April. The Federal Reserve is expected to leave interest rates alone when it meets June 27-28. Consumer spending rose by 0.5 percent in April. Mortgage rates took it on the chin as positive economic news drove the Dow and the S&P 500 to record heights. May was very strong for the stock market, but I anticipate that June will bring some serious profit-taking, cooling off bond yields, boosting bond prices, and tempering mortgage rates a bit. 

The average US price for a gallon of unleaded has reached a 20-year high, averaging $2.50+ in California. However,adjusted for inflation, it is still less than its peak of $3.07 in 1981." To find daily gas prices in your area, click here.