The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved in December. The national median payment applied for by applicants dropped 2.9% to $1,920 from $1,977 in November.
News in end use
University of Michigan Reports Final Results of Its Consumer Sentiment Index for January
The University of Michigan on Friday released the final results of its Consumer Sentiment Index (CSI) for January. The Index of Consumer Sentiment rose to a reading of 64.9 in January, up from its reading of 59.7 in December. This is a month-over-month increase of 8.7%.
Personal and Disposable Income Up, but Personal Consumption Expenditures Down in December
The US Bureau of Economic Analysis reported on Friday that according to their estimates, personal income (PI) increased $49.5 billion, or 0.2%, in December. Disposable personal income (DPI) increased $49.2 billion, or 0.3%, and personal consumption expenditures (PCE) decreased $41.6 billion, or 0.2%.
Real GDP in 2022Q4 Increased at an Annual Rate of 2.9%, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis (BEA) released today its “advance” estimate for real gross domestic product (GDP) in 2022Q4. According to the report, GDP increased at an annual rate of 2.9%. This follows a reported real GDP increase of 3.2% in 2022Q3.
New US Residential Home Sales Increase Month-Over-Month in December
On Thursday (1-26-23), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for December were at a SAAR of 616,000, according to estimates. This is 2.3% above the revised November rate of 602,000.
Fixed Mortgage Rates Move Lower for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 26, 2023. The 30-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.15%. A year ago at this time, the 30-year rate averaged 3.55%.
US Weekly Jobless Claims Decrease for the Week Ending January 21st
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 186,000 during the week ending on Saturday, January 21, 2023. This is a decrease of 6,000 from the previous week’s revised level of 192,000.
FEA’s Paul Jannke Provides His 2023 Lumber Markets Outlook
In a featured article appearing in the Canadian Forestry Newsletter on January 25, 2023, Forest Economic Advisors (FEA) lumber analyst and principal Paul Jannke has provided his expert insight and in-depth analysis of the lumber markets for 2023.
State-Level Analysis of Construction Employment for December
A closer look at the Bureau of Labor Statistics December nationwide total nonfarm payroll report, with a focus on state-by-state construction jobs, reveals that across the 48 states which reported construction job data, 28 states reported a month-over-month increase in December.
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 20, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.0% on a seasonally adjusted basis from one week earlier.