News in end use

According to the latest Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in January. The MCAI fell by -0.9% to a reading of 124.8 in January. A decline in the MCAI indicates that lending standards are tightening.

According to today’s (2-14-22) release of the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, loan originations in Q4 2021 were 79% higher year-over-year and 44% higher from Q3 2021. The surge in Q4 2021 was led by increases in originations for hotel, office, industrial, and retail properties.

Statistics Canada (StatsCan) reported on Thursday (2-10-22) that investment in building construction in December increased by 1.9% to 18.4 billion (CAD). Gains were recorded in both the residential and non-residential sectors. On a constant dollar basis (2012=100), investment in building construction grew 1.2% to $11.5 billion.

According to the latest report (2-10-22) from Redfin, the Seattle-based, technology-powered real estate brokerage, the estimated monthly mortgage payment for a typical home for sale rose 25% year-over-year, or $388, to a record high of $1,931. The figures are based on the all-time high median asking price of $376,000, recorded during the four weeks ending February 6th, and an average 30-year mortgage rate of 3.69%.

The University of Michigan today (Friday 2-11-22) released its preliminary Consumer Sentiment Index (CSI) for February. The Index of Consumer Sentiment declined to a reading of 61.7 in February, down from 67.2 in January. The decline is a month-over-month decrease of -8.2% and down -19.7% year-over-year (76.8 in February 2021).

The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (2-10-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January on a seasonally adjusted annual basis. Over the past 12-months, the all-item index has increased 7.5% before seasonal adjustment—the largest 12-month increase since the period ending February 1982.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.69% with an average 0.8 point, up from last week when it averaged 3.55%. A year ago, at this time, the 30-year FRM averaged 2.73%.

The U.S. Department of Labor is reporting that an additional 223,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 5, 2022. This is a decrease of 16,000 from the previous week’s revised level. The 4-week moving average was 253,250.

The Mortgage Bankers Associations (MBA) released today (2-10-22) the results of their National Delinquency Survey (NDS) for Q4 2021. According to the NDS, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.65% of all loans outstanding at the end of December.

According to realtor.com®’s monthly housing report released on Tuesday (2-8-22), the typical U.S. home sold faster in January 2022 than in any other January on record. The report notes that the housing market remains “unseasonably hot” over the typically slower winter months. In January, the typical U.S. home spent 61 days on the market before being sold.