News in end use

Real GDP increased at an annual rate of 2.8% in Q2, following an increase of 1.4% in Q1.

MBA released the results of its latest commercial real estate finance (CREF) Loan Performance Survey.

The 30-year fixed-rate mortgage averaged 6.78%, up from last week when it averaged 6.77%, Freddie Mac reported.

The advance figure for seasonally adjusted initial unemployment claims was 235,000, a decrease of 10,000 from the previous week.

The number of Canadian employees receiving pay and benefits from their employer increased by 41,000, or 0.2%, in May. This was the fifth consecutive monthly increase.

New residential single-family home sales were at a SAAR of 617,000, 0.6% below the revised May rate and 7.4% below the June 2023 rate.

Freddie Mac expects multifamily performance to remain muted for the remainder of the year as the market works through a historically high supply of new units.

The Bank of Canada cut its key interest rate for a second consecutive time but warned the path back to 2% inflation may be uneven and would ultimately determine the pace of future cuts, The Canadian Press reported.

Mortgage loan application volume decreased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.

Existing-home sales declined 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million, NAR reported.