News in end use

The 30-year fixed-rate mortgage averaged 6.46%, down from last week when it averaged 6.49%, Freddie Mac reported.

The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending August 17th, an increase of 4,000 from the previous week’s revised level.

The number of Canadians receiving regular Employment Insurance benefits in June totaled 474,000, up 1.3%, or 6,000, from a month earlier

According to the ESR Group, total home sales are expected to come in lower than previously forecast through the rest of 2024, and then not pick up meaningfully until further out in 2025.

Overall, the construction industry added a net 25,000 jobs in July compared to the previous month, the BLS and NAHB reported.

Mortgage loan application volume declined 10.1% on a seasonally adjusted basis from one week earlier, MBA reported.

The Redfin Home Price Index ticked up 0.2% for the second consecutive month in July, on a seasonally adjusted basis. On a year-over-year basis, home prices rose 6.8%.

The national index edged up 0.2% month-over-month in July. Year-over-year, the index increased 0.1% July.

There were approximately 23,000 SFBFR starts during Q2, almost 10% higher than 2023Q2, the Census Bureau and NAHB reported. Over the last four quarters, 83,000 such homes began construction.