News in end use

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 8, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 0.2% on a seasonally adjusted basis from one week earlier.

The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (10-12-21) that their NFIB Small Business Optimism Index edged 0.4 points higher month-over-month in August to a reading of 100.1.

The Mortgage Banker Association (MBA) today (10-12-21) released their Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for September. According to the MBA, the MCAI rose 1.5% to 125.6 in September.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 27 basis points from 2.89% of servicers’ portfolio volume in the prior week to 2.62% as of October 3, 2021. According to MBA’s estimate, 1.3 million homeowners are in forbearance plans.

The U.S. Bureau of Labor Statistics (BLS) today (10-12-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for August 2021. According to the JOLTS report, as of the last business day in August, the number of job openings declined to 10.4 million following a series record high of 10.9 million in July.

According to the latest Mortgage Banker Association’s CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties declined slightly in September. The survey indicated that 96.7% of outstanding loan balances were current, up from 96.6% in August 2021.

The Fannie Mae Home Purchase Sentiment Index® (HPSI) declined 1.2 points in September to a reading of 74.5. This occurred as survey respondents continue to report opposing opinions of homebuying and home-selling market conditions.

Statistics Canada reported today (10-8-21) that employment increased for the fourth consecutive month in September, rising by 157,000 (+0.8%). Employment gains in September were concentrated in full-time work and among people in the core working age group of 25 to 54.

The U.S. Bureau of Labor Statistics (BLS) reported today (10-8-21) that total nonfarm payroll employment increased by 194,000 in September. This follows an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.4 million since April 2020 but is down by -5.0 million, or -3.3%, from its pre-pandemic level in February 2020.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 7, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.99% with an average 0.7 point, down slightly from last week when it averaged 3.01%. A year ago, at this time, the 30-year FRM averaged 2.87%.