News in end use

The Bureau of Economic Analysis released today its “advance” estimate for real gross domestic product (GDP) in Q2 of 2022. According to the report, GDP decreased at an annual rate of 0.9% in Q2. This follows a GDP decline of 1.6% in Q1.

The Mortgage Bankers Association reported on Thursday that, according to its Purchase Applications Payment Index, homebuyer affordability was mostly unchanged in June. The national median payment applied for by applicants was down slightly to $1,893 from $1,897 in May.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 28. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.8 point, down from last week when it averaged 5.54%.

The US Department of Labor is reporting that an additional 256,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on July 23. This is a decrease of 5,000 from the previous week’s revised level.

The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index (PHSI) declined 8.6% in June to a reading of 91.0. The PHSI has now declined in six out of the past seven months. Year-over-year contract signings have declined 20.0%.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 22, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.8% on a seasonally adjusted basis from one week earlier.

On Tuesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for June were at a SAAR of 590,000, according to estimates. This is 8.1% below the revised May rate of 642,000.

According to the latest Federal Housing Finance Agency House Price Index released today, nationwide US home prices rose 1.4% month-over-month in May. Year-over-year (May 2021 versus May 2022) home prices have increased 18.3%.

On Tuesday, S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for May. The Index, which covers all nine US Census divisions, reported that home prices experienced a 19.7% annual gain in May—down from 20.6% annual gain in April.

The Conference Board released today their Consumer Confidence Index® (CCI) for July 2022. The CCI eroded further in July, marking the third consecutive monthly decline. The Index now stands at 95.7 (1985=100), down 2.7 points from a reading of 98.4 in June.