The NAR Pending Homes Sales Index declined 5.5% to a reading of 74.2 in December. Year-over-year, sales were down 5.0%.
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US Mortgage Application Payments Edge Lower in December
The national median payment requested by applicants decreased from $2,133 in November to $2,127 in December, MBA reported.
US Mortgage Rates Inch Lower in the Week Ending January 30
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.96%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending January 25
The advance figure for seasonally adjusted initial unemployment claims was 207,000, a decline of 16,000 from the previous week’s unrevised level.
Federal Reserve Holds Interest Rates Steady
At its FOMC meeting, the Federal Reserve decided to maintain the target range for the federal funds rate at 4.25–4.50%.
Bank of Canada Cuts Interest Rates and Updates GDP Projections for 2025
The Bank of Canada has reduced its target for the overnight rate to 3.0%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.
State-Level Construction Employment Data for December
Construction sector employment (both residential and nonresidential) increased in 26 states in December. Overall, the industry added a net 8,000 jobs.
US Mortgage Applications Decline in the Week Ending January 24
Mortgage loan application volume decreased 2.0% on a seasonally adjusted basis from one week earlier, MBA reported.
FHFA House Price Index Rises 4.2% Year-Over-Year in November
FHFA reported that according to its seasonally adjusted House Price Index, US home prices rose 0.3% in November. Year-over-year, prices rose 4.2%.
US Consumer Confidence Index Declines for Second Consecutive Month in January
The Consumer Confidence Index declined 5.4 points to a reading of 104.1 in January. December’s reading was revised up by 4.8 points to a reading of 109.5.