Canada is turning to mass timber, 3D printing, and modular construction to fast-track affordable housing on its Atlantic coast, Wood Central reported.
News in end use
Fannie Mae Home Purchase Sentiment Index Rises in October
The Fannie Mae Home Purchase Sentiment Index increased 0.7 points in October to a reading of 74.6, pushing the measure to its highest level since February 2022.
University of Michigan Reports the Preliminary Results of Its Consumer Sentiment Index for November
The Index of Consumer Sentiment increased to a reading of 73.0 in November, up 3.5% from October and up 19.1% year-over-year, the University of Michigan reported.
Commercial and Multifamily Mortgage Loan Originations Soar in Q3
Commercial and multifamily mortgage loan originations in Q3 increased 59% year-over-year and 44% when compared to Q2, MBA reported.
Canadian Labor Force Survey for October
Canadian employment was little changed in October, gaining 15,000 new positions, up 0.1%, following an increase of 47,000 in September, up 0.2%.
Federal Reserve Cuts Interest Rates by 0.25%
The Fed cut rates by 0.25%, taking note of a job market that has “generally eased” while inflation continues to move towards the bank’s 2% target.
US Pending Homes Sales Hold Steady, Despite Election Jitters and Mortgage Rates Above 7%
US pending home sales rose 4.3% year-over-year during the four weeks ending November 3rd, Redfin reported.
US Mortgage Rates Trend Higher for the Sixth Consecutive Week
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.72%, Freddie Mac reported.
US Multifamily Market Survey Reports Mixed Results for Q3
Confidence in the market for new multifamily housing showed mixed results year-over-year in Q3, NAHB reported.
Mortgage Delinquencies Decline Modestly in Q3, But Remain Elevated Year-Over-Year
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased slightly compared to one year ago, MBA reported.