News in end use

The University of Michigan released the preliminary results of its Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment dropped to a reading of 54.7, down from 59.9 in October. This is a month-over-month decline of 8.7%.

The US Bureau of Labor Statistics on Thursday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in October on a seasonally adjusted basis—the exact same size increase as was reported in September.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point, up from last week when it averaged 6.95%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 5th. This is an increase of 7,000 from the previous week’s revised level.

According to data from the Mortgage Bankers Association, for the week ending November 4th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 2.0%.

According to the Federal Reserve’s latest G.19 Consumer Credit Report, US consumer credit (less real estate) grew at a seasonally adjusted annual rate (SAAR) of 6.8% in 22Q3. Revolving debt increased at a rate of 12.9%, which is more than double the pace of nonrevolving debt at 4.9%.

Redfin is reporting that in 22Q3, 29% of US single-family homes for sale were new construction. This is the highest share of any Q3 on record. It is up from 25% in 21Q3 and 18% in 20Q3.

On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.

The National Federation of Independent Business, one of the largest small business associations in the US, reported today their NFIB Small Business Optimism Index (SBOI) for October 2022. According to the report, the October SBOI declined 0.8 points to a reading of 91.3.

Fannie Mae today released its Home Purchase Sentiment Index® for October. The HPSI dropped 4.1 points to a reading of 56.7, its eighth consecutive monthly decline. This marks the lowest level since 2011 and well below the all-time high that was set in 2019.