News in end use

The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.

Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.

Yardi Matrix is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth is 4.8%, the lowest level in nearly two years.

On Thursday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a SAAR of 640,000, according to estimates. This is 1.1% above the revised January rate of 633,000.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 23rd. The 30-year fixed-rate mortgage averaged 6.42%, down from last week when it averaged 6.60%. The 15-year fixed-rate mortgage averaged 5.68%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 191,000 during the week ending on Saturday, March 18th. This is a decrease of 1,000 from the previous week’s unrevised level of 192,000.

Statistics Canada reported today that the Canadian National New House Price Index declined 0.2% month-over-month in February. This follows a similar decrease in January. The index has retreated in five of the past six months.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 17th, the Market Composite Index increased 3.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0%.

The National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 14.5% month-over-month increase in February to a seasonally adjusted rate of 4.58 million homes.

Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) rose 5.2% year-over-year in February, following a 5.9% increase in January. This marks the largest deceleration in the headline CPI since April 2020. The deceleration in February was due to a base-year effect.