The Bureau of Economic Analysis released Thursday its “advance” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.1%. This follows a reported real GDP increase of 2.6% in 2022Q4.
News in end use
30-Year Mortgage Rate Creeps Higher; 15-Year Rate Inches Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 27th. The 30-year fixed-rate mortgage averaged 6.43%, up from last week when it averaged 6.39%. A year ago at this time, the 30-year rate averaged 5.10%.
US Weekly Jobless Claims Decrease for the Week Ending April 22nd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 230,000 during the week ending on Saturday, April 22nd. This is a decrease of 16,000 from the previous week’s revised level of 246,000.
Buyer Preference for Newly Constructed Homes Changed Little From 2022Q4 to 2023Q1
According to results released by the National Association of Home Builders Housing Trends Report, prospective buyers’ interest for new home construction was essentially unchanged between 2022Q4 and 2023Q1. The share of potential buyers looking to buy a newly built home inched up from 20% to 21%.
Mortgage Applications Increase in the Week Ending April 21st
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 21st, the Market Composite Index increased 3.7% on a seasonally adjusted basis from one week earlier.
US New Residential Home Sales Rise 9.6% Month-Over-Month in March
The US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for March were at a SAAR of 683,000. This is 9.6% above the revised February rate of 623,000.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in February
The Federal Housing Finance Agency reported Tuesday its House Price Index (HPI®) for February. US house prices rose 0.5%, seasonally adjusted, between January and February. Year-over-year, house prices rose 4.0%.
S&P CoreLogic Case-Shiller US Home Price Index Posts Annual Gain in February
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for February. Home prices experienced a 2.0% annual gain, down from a 3.7% annual gain in January.
The Conference Board’s Consumer Confidence Index Declines in April
The Conference Board released Tuesday its Consumer Confidence Index® (CCI) for April. The CCI Index declined to a reading of 101.3 (1985=100), down from March’s reading of 104.0.
US Nonfarm Payroll Data for the Construction Sector by State for March
A closer look at the Bureau of Labor Statistics Nonfarm Payroll report for March reveals that 19 states reported an increase in construction sector jobs when compared to February. Twenty-six reported losing construction sector jobs, while three states reported no change at all.