According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13.0% compared with the previous week.
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Consumer Price Index Increases 1.3% Month-Over-Month and 9.1% Year-Over-Year in June 2022
The U.S. Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 9.1% before seasonal adjustment.
Mortgage Credit Availability Declines for Fourth Consecutive Month in June
The MCAI declined 0.3% to a reading of 119.6 in June. The MBA notes that a decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
June’s Month-Over-Month Rent Increases Smallest Since Start of 2022
Redfin reported on Monday that rent increases slowed in June, with the national median asking rent rising year-over-year by 14%. This is the smallest annual increase in rent since October of 2021. Between May and June, rents only increased by 0.7%, the smallest month-over-month gain since the start of the year.
The NFIB’s Small Business Optimism Index Declines for Sixth Consecutive Month in June
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (7-12-22) their NFIB Small Business Optimism Index (SBOI) for June 2022. According to the report, the June SBOI fell below the 48-year average reading of 98 for the sixth consecutive month, to a reading of 89.5 in June.
June Home Sale Cancelation Levels at Highest Level Since Start of Pandemic
Redfin reported today (7-11-22) that approximately 60,000 home-purchase agreements were canceled in June, that is equal to 14.9% of all the homes that went under contract during the month.
Fannie Mae Home Purchasing Sentiment Index at Second-Lowest Reading in a Decade
On Thursday (7-7-22) afternoon, Fannie Mae released its Fannie Mae Home Purchasing Sentiment Index® (HPSI) for June. According to the report, the HPSI dropped 3.4 points to a reading of 64.8. This is the second-lowest reading in a decade.
Construction Sector Employment Posts Overall Gains in June
A closer look at employment in the construction sector of the U.S. Bureau of Labor Statistics (BLS) June Nonfarm Payroll […]
Canadian Labor Force Survey for June 2022
Statistics Canada (StatsCan) reported on July 8th that employment in Canada decreased by 43,000 or 0.2% in June. Completely eliminating […]
U.S. Nonfarm Payroll Increases by 372,000 in June – Unemployment Remains at 3.6%
The U.S. Bureau of Labor Statistics (BLS) reported on July 8th that total nonfarm payroll employment increased by 372,000 in […]