News in end use

On Thursday, Zillow Group Inc. released its latest Zillow® analysis on mortgage rates and buying power. The Zillow analysis shows that a typical home associated with a $3,000 monthly mortgage payment is up $60,000 in value since October.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 3, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier.

According to the Federal Reserve G.19 Consumer Credit Report released Tuesday, the balance of consumer credit outstanding grew at a seasonally adjusted annual rate (SAAR) of 6.5% in 2022Q4, down from 6.7% in 2022Q3. In December, consumer credit outstanding increased at a SAAR of 2.9%.

Fannie Mae reported Tuesday the results of its latest Home Purchase Sentiment Index® (HPSI). In January, the HPSI increased for the third consecutive month, rising 0.6 points to a reading of 61.6. Three of the indexes’ components posted month-over-month increases.

According to the latest data provided by the US Census Bureau’s American Community Survey for 2021, with additional analysis provided by the National Association of Home Builders, the median age of owner-occupied homes in the US is 40 years. A little less than half of the owner-occupied homes were built prior to 1980.

Redfin reported on Thursday that for the first time in the past four months, a homebuyer on a $2,500 monthly budget can afford a $400,000 home. This is a result of the average daily mortgage rate declining to 5.99%, the first sub-6% average since mid-September, according to Mortgage News Daily.

A closer look at the Bureau of Labor Statistics nonfarm payroll report for January, with a focus on the construction sector and additional analysis provided by the NAHB, reveals that employment in the overall construction sector increased by 25,000 in January, following a gain of 26,000 in December.

The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 517,000 in January. The average monthly gain in 2022 was 401,000. The unemployment rate dipped to 3.4% and continues to hold in a narrow range that was established early in 2022.

Statistics Canada reported today that monthly seasonally adjusted value of building permits in Canada declined 7.3% in December to $10.3 (CAD). On a constant dollar basis (2012=100), the total value of building permits dropped 7.4% to $6.1 million.

A closer look at the Bureau of Labor Statistics Job Opening and Turnover Survey report for December, with a focus on the construction sector and additional analysis provided by the National Association of Home Builders, reveals that the construction job openings rate increased by 5% month-over-month.