According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.3 % on a seasonally adjusted basis from one week earlier.
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Producer Price Index for Final Demand Increased 1.4% in March 2022
The Bureau of Labor Statistics (BLS) reported today (4-13-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.4% in March. This rise followed advances of 0.9% in February and 1.2% in January. On an unadjusted basis, final demand prices moved up 11.2% for the 12 months ending in March.
Consumer Price Index Increases 1.2% Month-Over-Month and 8.5% Year-Over-Year in March 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (4-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March. This follows an 0.8% increase in February and a 0.5% in January. The all-items index continued to accelerate, rising 8.5% for the 12 months ending March.
The NFIB’s Small Business Optimism Index Declines for Third Consecutive Month in March 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98.
Fannie Mae’s Home Purchase Sentiment Index® for March Indicates Consumer Pessimism Toward Home Buying Has Grown
Fannie Mae on Thursday (4-7-22) reported its Home Purchase Sentiment Index® (HPSI) for March. According to the HPSI, consumer home purchasing sentiment declined by 2.1 points in March to a reading of 73.2. Year-over-year, the HPSI is down 8.2 points. On net, the “Good Time to Buy” component set a new survey low.
Home Prices Climb 11.3% Between January and February 2022
Home prices climbed nationally from the end of January 2022 to February 2022 at an annualized rate of 11.3%. In February, home prices across the U.S. rose at a slower pace than in January but continued to appreciate at higher rates compared to the same time last year.
An Increasing Number of Home Sellers Are Dropping Their Prices—Is the Housing Frenzy Starting to Ease?
According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, an increasing number of home-sellers are dropping their prices, yet another sign that the early 2022 housing frenzy is starting to ease as mortgage rates rapidly approach 5%.
Mortgage Credit Availability Declines in March as Lending Standards Tighten
The MCAI declined by -0.7% to a reading of 125.1 in March. 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.
Canadian Employment Increases and Unemployment Edges Lower in March 2022
Statistics Canada (StatsCan) reported today (4-8-22) that total employment rose by 73,000 (+0.4%) in March, driven by an increase of 93,000 (+0.6%) in full-time work. The unemployment rate fell -0.2 percentage points to 5.3% in March, which is the lowest level since comparable data became available in 1976.
Mortgage Rates Climb for the Fifth Successive Week in the Week Ending April 7, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 7, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.72% with an average 0.8 point, up from last week when it averaged 4.67%. A year ago, at this time, the 30-year FRM averaged 3.13%.