According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 26, 2021, which includes adjustments for the Thanksgiving holiday, the Market Composite Index (a measure of mortgage loan application volume) decreased -7.2% on a seasonally adjusted basis from one week earlier.
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Construction Loans in Q3 2021 Set Post-Great Recession High
According to analysis provided by the National Association of Home Builders (NAHB), the volume of 1–4-unit residential construction loans made by FDIC-insured institutions increased 6% during Q3 of 2021. The volume of loans rose by $4.9 billion during the quarter.
U.S. Housing Prices Increased 18.5% Year-Over-Year in Q3 2021
The Federal Housing Finance Agency (FHFA) announced today (11-30-21) their Housing Price Index (HPI) for Q3 2021. According to the report, year-over-year (Q3 2020 – Q3 2021) home prices rose 18.5%. When compared to Q2 of 2021, they were 4.2% higher. FHFA’s seasonally adjusted monthly price index for September was up 0.9% from August.
Canadian Real GDP by Industry Increased 0.1% in September, Held Back by Five Consecutive Months of Construction Declines
Statistics Canada (StatsCan) reported today (11-30-21) that real gross domestic product (GDP) rose 0.1% in September. This occurred as declines in the manufacturing, construction, and retail trades were more than compensated for by expansions in service-producing industries, mining, quarrying, and oil and gas extraction. However, for the fifth consecutive month construction declined, down -0.7% in September.
S&P CoreLogic Case-Shiller National Home Price Index Increases 19.5% Annually in September
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (11-30-21) that home prices experienced a 19.5% annual gain in September — down from the 19.8% annual gain in August 2021.
Consumer Confidence Declined in November
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-30-21) their Consumer Confidence Index® (CCI) for November 2021. The CCI declined in November following an uptick in October and decreases in August, July, and June. The Index now stands at 109.5 (1985=100), down from 111.6 in October.
Pending Homes Sales Up 7.5% in October 2021
The National Association of Realtors® (NAR) reported on Monday (11-29-21) that their Pending Homes Sales Index (PHSI) — based on signed real estate contracts, not actual closings for existing single-family homes, condominiums, and co-ops — increased 7.5% month-over-month in October 2021 to a reading of 125.2.
Rising Softwood Lumber Prices Contributes to Canadian Industrial Product Price Index Growing 1.3% in October
Statistics Canada (StatsCan) is reporting today (11-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month-over-month in October. This follows a 1.2% monthly increase in September. The IPPI was up 16.7% higher year-over-year.
New Residential Home Sales Up Month-Over-Month but Fall Year-Over-Year in October 2021
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced on Wednesday (11-24-21) that new residential single-family home sales for October 2021 were at a SAAR of 745,000, according to estimates. This is 0.4% above the revised September rate of 742,000 but is -23.1% below the October 2020 estimate of 969,000.
30-Year Mortgage Rates Hold Steady, 15-Year Rates Up Slightly in the Week Ending November 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 24, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 2.72%.