The 30-year fixed-rate mortgage averaged 6.69%, down from last week when it averaged 6.81%, Freddie Mac reported.
News in end use
US Nonresidential Construction Spending Contracts 0.4% in October
Nonresidential construction spending declined 0.4% in October, the Census Bureau and ABC reported. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.228 trillion.
US Mortgage Applications Increase in the Week Ending November 29th
Mortgage loan application volume increased 2.8% on a seasonally adjusted basis from one week earlier, MBA reported.
ADP® Reports Private Sector Employment and Compensation Both Increased in November
Private sector employment increased by 146,000 jobs in November, ADP reported. Year-Over-Year, annual compensation was up 4.8%.
Demand in the Construction Labor Market Continues to Weaken in October
The count of open construction sector jobs trended lower, the BLS and NAHB reported.
US Job Openings and Labor Turnover Summary for October
As of the last business day in October, the number of job openings was 7.7 million. Year-over-year, the measure was down 941,000.
US Private Residential Spending Rises 1.5% in October
Private residential construction spending increased 1.5% in October, the Census Bureau and NAHB reported.
US Construction Spending Increases 0.4% in October
Total construction spending during October was estimated at a seasonally adjusted rate of $2,174.0 billion, 0.4% above the revised September estimate.
Greystar Debuts Its First Modular US Apartment Project in Coraopolis, PA
Greystar is preparing to open its first multifamily project built with modular structural pieces completed in its Pennsylvania-based factory, CoStar News reported.
US Pending Homes Sales Increase 2.0% in October
The NAR Pending Homes Sales Index increased 2.0% month-over-month to a reading of 77.4 in October. Year-over-year, pending homes sales were up 5.4%.