News in end use


Mortgage Credit Availability Shrinks in January

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.

Fixed Mortgage Rates Inch Higher

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%.

Revolving Debt Slowed in Q4, Federal Reserve Reports

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%.

As Mortgage Rates Dip, Home Affordability Increases

Redfin reported on Thursday that for the first time in the past four months, a homebuyer on a $2,500 monthly budget can afford a $400,000 home. This is a result of the average daily mortgage rate declining to 5.99%, the first sub-6% average since mid-September, according to Mortgage News Daily.

Overall Construction Sector Employment Increased in January

A closer look at the Bureau of Labor Statistics nonfarm payroll report for January, with a focus on the construction sector and additional analysis provided by the NAHB, reveals that employment in the overall construction sector increased by 25,000 in January, following a gain of 26,000 in December.