Commercial and multifamily originations were 53% lower in 2023Q2 compared to 2022Q2, according to a survey by the Mortgage Bankers Association.
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Canadian Consumer Price Index Continued to Increase in July
StatCan reported that the Consumer Price Index (CPI) grew 3.3% year-over-year in July. The increase in the CPI was mainly attributed to a base-year effect in gasoline prices.
US Building Materials Costs in Residential Construction Inch Higher in July
The prices of goods used in residential construction, excluding energy, increased 0.2% in July, not seasonally adjusted, according to the Bureau of Labor Statistics June Producer Price Index and the NAHB.
US Construction Industry Adds 19,000 Jobs in July
The construction industry added a net 19,000 jobs in July, according to analysis by the Associated Builders and Contractors of US Bureau of Labor Statistics nonfarm payroll data.
US Housing Market Recovers Recent Losses—Total Value Now at Record High
Redfin reported that the total worth of US homes hit a new record high of $46.8 trillion in June. This overtakes the prior all-time high of $46.6 trillion set a year earlier.
Producer Price Index Edges Higher Month-Over-Month and Year-Over-Year in July
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.3% in July, after remaining unchanged in June and declining 0.3% in May.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for August
The University of Michigan Index of Consumer Sentiment declined to a reading of 71.2 in August, down from 71.6 in July. This is a month-over-month decline of 0.6% but up 22.3% year-over-year.
Higher Home Prices and Mortgage Rates Cause Housing Affordability to Shrink in Q2
According to the NAHB/Wells Fargo Housing Opportunity Index, 40.5% of new and existing homes sold in Q2 were affordable to families earning the US median income of $96,300.
Fixed-Rate Mortgages Move Higher for Third Consecutive Week
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%.
US Mortgage Delinquencies Decreased in Q2, Mortgage Bankers Association Reports
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.