News in end use

Rising interest rates and tightening financial conditions contributed to a decline in the volume AD&C loans during Q2, the National Association of Home Builders reported.

Employment throughout Canada increased by 40,000, or 0.2%, in August, following little change in July. Since January, employment has increased by 174,000, or 0.9%.

The Index remained effectively unchanged in August, as consumer confidence towards housing continued along the low-level set earlier in the year.

The total monthly value of building permits in Canada declined 1.5% to $11.7 billion in July. The value of residential permits increased 5.4% to $7.4 billion.

The advance figure for seasonally adjusted initial unemployment claims was 216,000. a decrease of 13,000 from the previous week’s revised level.

The typical monthly mortgage payment is $2,612, just $18 below the all-time high set in May, Redfin reported.

The 30-year fixed-rate mortgage averaged 7.12%, down from last week when it averaged 7.18%, according to Freddie Mac.

Mortgage loan application volume declined 2.9% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

Elevated construction costs and rising mortgage rates are taking a toll on the pace of single-family home construction in markets across the US, according to an NAHB index.