According to the Mortgage Bankers Association, mortgage loan application volume increased 1.1% on a seasonally adjusted basis from one week earlier. The results include an adjustment for the observance of Independence Day.
News in end use
US Builder Sentiment Up for Seventh Consecutive Month in July
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes increased 1 point in July to a reading of 56.
Canada Mortgage and Housing Corp. Reports Record Monthly Increase in Housing Starts in June
The Canada Mortgage and Housing Corporation reported that a significant increase in actual housing starts in June helped reverse the declining trend in housing starts observed over the last several months.
Canada’s Industrial Product Price Index and Raw Materials Price Index Both Decline in June
The Industrial Product Price Index (IPPI) decreased 0.6% month-over-month in June and has declined 5.5% year-over-year. Excluding energy and petroleum products, the IPPI fell 0.9% in June.
Shares of Mortgage Loans in Forbearance Continued to Decline in June
According to the Mortgage Bankers Association, the total number of loans in forbearance as of June 30th decreased 5 basis points to 0.44% of servicers’ portfolio volume. An estimated 220,000 homeowners remain in forbearance plans.
Canadian Consumer Price Index Climbed Higher in June
The Canadian Consumer Price Index (CPI) increased 2.8% year-over-year in June, following a 3.4% increase in May. Excluding gasoline, headline inflation would have been 4.0% in June, following a 4.4% increase in May.
Fannie Mae’s Home Price Index Increases in Q2
According to Fannie Mae’s latest Home Price Index, single-family home prices increased 3.0% year-over-year in Q2. This is down from Q1’s revised annual growth rate of 4.9%. On a quarterly basis, home prices rose a seasonally adjusted 1.9% in Q2.
Canadian Real Estate Association Reports Homes Sales Increased 1.5% Month-Over-Month in June
The Canadian Real Estate Association reported that home sales recorded over the Canadian MLS® System posted a 1.5% increase month-over-month in June. This is a smaller increase than in April and May.
US Home Foreclosure Rates Jump in First Half of 2023
ATTOM released its Mid-Year 2023 US Foreclosure Market Report. The report shows that there was a total of 185,580 US properties with foreclosure filings in the first half of 2023. That figure is 13.0% above the same period a year ago.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for July
The Index of Consumer Sentiment rose to a reading of 72.6 in July, up from 64.4 in June. This is a month-over-month increase of 12.7% and up 41.0% year-over-year (51.5 in July 2022).