The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.
News in end use
ADP® Reports Lower Private Sector Employment Gains and Reduced Compensation Growth in May
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.
Private Sector Job Cuts Continued to Trend Higher in May
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.
US Weekly Jobless Claims Increase in the Week Ending May 27th
The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending on Saturday, May 27th. This is an increase of 2,000 from the previous week’s revised level of 230,000.
Mortgage Applications Declined in the Week Ending May 26th—The Third Consecutive Drop
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.
Construction Labor Market Heats Up in April
A closer look at Wednesday’s Job Openings and Labor Turnover Survey, with additional analysis provided by the NAHB, reveals that the construction labor market experienced an increase in job openings in April.
US House Prices Increased Month-Over-Month in March and During Q1, FHFA Reports
US house prices increased 4.3% between 2022Q1 and 2023Q1. House prices were up 0.5% when compared to 2022Q4. FHFA’s seasonally adjusted monthly index for March was up 0.6% month-over-month.
Job Openings and Labor Turnover Summary for April
As of the last business day in April, the number of job openings and rate increased to 10.1 million (up 358,000) and 6.1%, respectively. The number of hires was little changed at 6.1 million, and the hire rate held steady at 3.9%
Canadian GDP Climbed 0.8% in Q1
Real gross domestic product (GDP) climbed 0.8% higher in 2023Q1 after posting no change in 2022Q4. A combination of higher borrowing costs and slowing mortgage borrowing saw a 3.9% decline in housing investment in Q1.
Acquisition, Development, and Construction Financing Costs Climbed Higher in Q1
According to the recently released National Association of Home Builders (NAHB) quarterly Survey on Acquisition, Development, and Construction (AD&C) Financing, while mortgage rates were stabilizing during 2023Q1, rates on AD&C continued to climb higher.