News in end use

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 15, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point, up from last week when it averaged 5.89%.

Canadian Real Estate Association data reveals that national home sales in Canada slowed modestly in the August, decreasing 1% month-over-month. This marks the sixth consecutive month-over-month decline in housing; however, it was the smallest of the six.

A deeper look into the Bureau of Labor Statistics August Producer Price Index (PPI), with a focus on building, reveals that price of building materials rose (not seasonally adjusted) 0.5% in August. Prices increased even as softwood lumber prices declined 5.2% in the month.

The US Department of Labor is reporting that, seasonally adjusted, an additional 213,000 Americans made their initial filing for unemployment benefits during the week ending on September 10th. This is a decrease of 5,000 from the previous week’s revised-lower level of 218,000.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 9th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.

The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.1% in August. The August drop follows a 0.4% decline in July, but it was proceeded by advances of 1.0% in June, 0.8% in May, and 0.4% in April.

Statistics Canada reported today that investment in building construction continued its upward trend which commenced in October 2021, increasing 0.8% to $21.0 billion (CAD) in July. Both the residential sector and non-residential sector posted increases.

The US Bureau of Labor Statistics reported on Tuesday that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in August on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 8.3% before seasonal adjustment.

According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI), mortgage credit availability declined for the sixth consecutive month in August. The MCAI declined 0.5% to a reading of 108.3 in August. The Conventional MCAI decreased 1.0%.

The National Federation of Independent Business (NFIB) reported today their NFIB Small Business Optimism Index (SBOI) for August 2022. The August SBOI increased 1.9 points to a reading of 91.8; however, it is the eighth consecutive month that the SBOI has been below the 48-year average reading of 98.