News in end use

According to the Mortgage Bankers Association 2022 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, total commercial real estate mortgage borrowing and lending equaled $816 billion in 2022. This is down 8% from the record $891 billion in 2021.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 13th. The 30-year fixed-rate mortgage averaged 6.27%, down from last week when it averaged 6.28%. A year ago at this time, the 30-year rate averaged 5.00%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending on Saturday, April 8th. This is an increase of 11,000 from the previous week’s unrevised level of 228,000.

Statistics Canada reported Wednesday that investment in building construction rose 1.0% to $20.6 billion (CAD) in February, with all sectors posting gains. Investment in residential building construction climbed 1.1% to $15.0 billion.

The Associated Builders and Contractors reported on Tuesday that its Construction Backlog Indicator declined to 8.7 months in March. However, the reading is 0.4 months higher than a year ago. The backlog is now at its lowest level since August 2022.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 7th, the Market Composite Index—a measure of mortgage loan application volume—increased 5.3% on a seasonally adjusted basis from one week earlier.

The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in March, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 5.0% before seasonal adjustment.

The National Federation of Independent Business reported on Tuesday its Small Business Optimism Index (SBOI) for March increased 0.8 points to a reading of 90.1. This marks the fifteenth consecutive month that the SBOI has been below the 49-year average reading of 98.

On Monday, President Biden signed a resolution that ends the presidentially declared national emergency for the COVID-19 pandemic that has been in place for over three years, according to “HousingWire.” Originally, the emergency declaration was scheduled to expire on May 11th.

According to the Federal Reserve’s latest G.19 Consumer Credit report released on Friday, total US consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher than February 2022.