Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 29, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.70% with an average 0.9 point, up from last week when it averaged 6.29%.
News in end use
US Weekly Jobless Claims Decrease for the Week Ending September 24, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 193,000 Americans made their initial filing for unemployment benefits during the week ending on September 24. This is a decrease of 16,000 from the previous week’s revised-lower level of 209,000 (originally reported as 213,000).
Pending Home Sales Decline Month-Over-Month and Year-Over-Year in August
The National Association of Realtors® released on Wednesday its Pending Homes Sales Index (PHSI), declined 2.0% month-over-month in August to a reading of 88.4. The index has now declined nine times in the past ten months. Year-over-year, contract signings have declined 24.4%.
Mortgage Applications Drop in the Week Ending September 23, 2022
According to data from a Mortgage Bankers Association survey, for the week ending September 23rd, the Market Composite Index (a measure of mortgage loan application volume) decreased 3.7% on a seasonally adjusted basis from one week earlier.
Overall Mortgage Delinquency Rate Declined Close to Historic Low in August
According to Black Knight, the overall mortgage delinquency rate in August declined to 2.79%, down from 3.60% in July. The August delinquency rate is just 4 basis points above the historic low of 2.75% set in May 2022.
US Sales of New Residential Single-Family Homes Up 28.8% Month-Over-Month in August
On Tuesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for August were at a SAAR of 685,000, according to estimates. This is 28.3% above the revised July 2022 rate.
FHFA Reports US House Prices Declined Month-Over-Month but Remained Higher Year-Over-Year in July
According to the latest Federal Housing Finance Agency House Price Index (HPI®), nationwide US home prices declined 0.6% from June. However, from July 2021 to July 2022, house prices rose 13.9%.
Gains in US Home Prices Slowed Further in July, S&P Corelogic Case-Shiller Index Shows
On Tuesday, the S&P CoreLogic Case-Shiller US National Home Price Index (NSA) was released for July. The Index shows that home prices experienced a 15.8% annual gain in July, down from 18.1% reported in June. This is the fourth consecutive monthly decline.
The Conference Board’s Consumer Confidence Index Increases for the Second Consecutive Month in September
The Conference Board released today its Consumer Confidence Index® (CCI) for September 2022. The CCI has increased for the second consecutive month. The Index now stands at 108.0 (1985=100), up from its August reading of 103.6.
15.2% of all Home Purchase Agreements Fell Through in August
Redfin reported today that approximately 64,000 home-purchase agreements fell through in August. That is equal to 15.2% of all homes that went under contract—up from 12.1% in August 2021—and is comparable with July’s revised rate of 15.5%.