News in end use

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 5.22%.

The delinquency rate for mortgage loans on one-to-four units residential properties decreased to a seasonally adjusted rate of 3.37% of all loans outstanding, according to the Mortgage Bankers Association.

Redfin reported that the median US asking rent was $2,038 in July, just $16 below the record high set in August 2022.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.

The advance figure for seasonally adjusted initial unemployment claims was 248,000 during the week ending Saturday, August 5th. This is an increase of 21,000 from the previous week’s unrevised level of 227,000.

Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.

Mortgage loan application volume decreased 3.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the Index decreased 4.0%.

Consumer credit outstanding growth slowed to 4.0% in 2023Q2 (SAAR), according to the US Federal Reserve and analysis by the National Association of Home Builders.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability declined 0.3% in July.

The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.