On Thursday (3-10-22), CoreLogic® released its Homeowner Equity Report (HER) for Q4 2021. The HER shows that U.S. homeowners with mortgages experienced a year-over-year increase in equity by 29.3%. This number represents an overall equity gain of more than $3.2 trillion.
News in end use
Houses Continue to Sell at a Record Pace Just as Supply Dips to a Record Low
Redfin, the Seattle-based, technology-powered real estate firm, in its latest report (3-10-22), which covers a four-week period of home buying and selling transactions ending March 6, 2022, reported that three out of five homes that went under contract for sale found a buyer within two weeks.
Canadian Unemployment Falls to Pre-Pandemic Levels
Statistics Canada (StatsCan) reported today (3-11-22) that employment increased by 337,000 (1.8%) in February, more than offsetting losses that coincided with stricter public health measures in January. The unemployment rate dropped 1.0 percentage points to 5.5% in February 2022.
University of Michigan Preliminary Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-11-22), released its preliminary Consumer Sentiment Index (CSI) for March. The Index of Consumer Sentiment declined to a reading of 59.7 in March, down from 62.8 in February. This is a month-over-month decrease of -4.9%.
After Two Consecutive Weeks of Decline, Mortgage Rates Climb Higher in the Week Ending March 10, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.85% with an average 0.8 point, up from last week when it averaged 3.76%.
Mortgage Credit Availability Increased in February as Lending Standards Lessened
According to the latest Mortgage Bankers Association (MBA), Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability increased in February.
Consumer Price Index Increases 0.8% in February 2022 – Up Year-Over-Year 7.9%
The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (3-10-22), that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in February on a seasonally adjusted annual basis.
Weekly Jobless Claims Climb in the Week Ending March 5th, 2022
The U.S. Department of Labor is reporting that an additional 227,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 5th, 2022. An increase of 11,000 from the previous week’s revised level.
2022 Started With an Increasing Number of Job Openings in the Construction Sector
An in-depth look at the Bureau of Labor Statistics (BLS) January 2022 Job Openings and Labor Turnover Survey (JOLTS), with a focus on construction labor and additional analysis provided by the National Association of Home Builders, reveals that the construction labor market started the year with a rising number of job openings.
Mortgage Applications Moved Higher in the Week Ending March 4, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 4, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 8.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increase 10.0% compared with the previous week.