According to the Mortgage Bankers Association’s latest Quarterly Survey of Commercial/Multifamily, mortgage loan originations increased 72% in Q1, when compared to the same period in 2021. In alignment with seasonality trends, originations during first three months of 2022 were -39% lower than Q4 of 2021.
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Home Buyers Racing To Find Their Dream Home Before Home Prices or Mortgage Rates Trek Even Higher
In its latest report, which covers the four-week period ending May 8, 2022, Redfin, the Seattle-based, technology powered real estate company, reported that the typical home for sale found a buyer in 15 days. This is currently the fastest pace on record.
U.S. Housing and Vacancy Rate at or Near Historical Lows, Census Bureau Reports
According to the recently released U.S. Census Bureau Housing Vacancy Survey (HVS), the U.S. housing and vacancy rate. The HVS reports that both rental and homeowner vacancy rates decreased between 2009 and 2019. The onset of the pandemic further tightened supplies.
University of Michigan Preliminary Consumer Sentiment Index Released for May 2022; Erases April’s Gains
The University of Michigan today (5-13-22) released its preliminary Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 59.1, down from April’s reading of 65.2; this is a month-over-month decrease of -9.4% and down -28.7% year-over-year (82.9 in May 2021).
Producer Price Index for Final Demand Edges 0.5% Higher in April 2022
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. On an unadjusted basis, final demand prices moved up 11.0% for the 12 months ending in April.
Mortgage Rates: 30-Year Climbs Higher but 15-Year Edges Lower in the Week Ending May 12, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%.
Weekly Jobless Claims Move Lower in the Week Ending May 7, 2022
An additional 203,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 7, 2022. This is an increase of 1,000 from the previous week’s revised level. The 4-week moving average was 192,750.
Weaker Demand for Home Construction Loans Reported in Q1 of 2022
The Federal Reserve Board’s Senior Loan Officer Opinion Survey for Q1 of 2022, with further analysis provided by the National Association of Home Builders, reveals that Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate loans.
Labor Unrest in Ontario Leads to Construction Delays
On Monday, members of Ontario chapter of the United Brotherhood of Carpenters and Joiners of America began a strike action. Fifteen thousand carpenters in the industrial, commercial, and instructional sector walked off the job, joining thousands of crane operators and 15,000 other residential construction workers who walked off the job last week.
Mortgage Applications Increase for Second Consecutive Week in the Week Ending May 6, 2022
According to data from the Mortgage Bankers Association, for the week ending May 6, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 2.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.