News in end use

Redfin reported on Friday that the US median asking rent rose 2.4% year-over-year to $1,942 in January. This marks the smallest increase since May 2021 and the lowest level in nearly a year. The 2.4% increase in roughly one-sixth the pace of January 2022.

The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for February. The Index of Consumer Sentiment rose to a reading of 66.4, up from 64.9 in January. This is a month-over-month increase of 2.3% and up 5.7% year-over-year.

Statistics Canada reported that in January employment increased by 150,000, or 0.8%. Of that number, 121,000 were full-time positions. The increase in total employment continues a trend that began in September, with cumulative gains for the period totaling 326,000.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in January. This marks the tenth drop in the past eleven months.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 9, 2023. According to the survey, the 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.09%.

The US Department of Labor reports that the advance figure for seasonally adjusted initial unemployment claims was 196,000 during the week ending on Saturday, February 4, 2023. This is an increase of 13,000 from the previous week’s unrevised level of 183,000.

On Thursday, Zillow Group Inc. released its latest Zillow® analysis on mortgage rates and buying power. The Zillow analysis shows that a typical home associated with a $3,000 monthly mortgage payment is up $60,000 in value since October.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 3, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier.

According to the Federal Reserve G.19 Consumer Credit Report released Tuesday, the balance of consumer credit outstanding grew at a seasonally adjusted annual rate (SAAR) of 6.5% in 2022Q4, down from 6.7% in 2022Q3. In December, consumer credit outstanding increased at a SAAR of 2.9%.

Fannie Mae reported Tuesday the results of its latest Home Purchase Sentiment Index® (HPSI). In January, the HPSI increased for the third consecutive month, rising 0.6 points to a reading of 61.6. Three of the indexes’ components posted month-over-month increases.