The 30-year fixed-rate mortgage averaged 6.49%, up from last week when it averaged 6.47%, Freddie Mac reported.
News in end use
Investor Home Purchases Back on Track in Q2, Posting Biggest Gain in Two Years
Redfin reported that investors purchased $43 billion worth of homes in Q2—up 13.7% from a year earlier and the biggest gain in two years.
Multifamily Lending Declines 49% Year-Over-Year in 2023
In 2023, 2,520 different multifamily lenders provided a total of $246.2 billion in new mortgages for apartment buildings with five or more units, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 10th
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 7,000 from the previous week’s revised level.
US Residential Building Materials Costs Decline in July
The seasonally adjusted PPI for softwood lumber fell 1.04% in July, after rising 3.29% in June.
US Consumer Price Index Increases 2.9% Year-Over-Year in July
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis, after declining 0.1% in June.
Mortgage Applications Increase in the Week Ending August 9th
Mortgage loan application volume increased 16.8% on a seasonally adjusted basis from one week earlier.
US New-Home Completions Remain Wood-Framed, but Numbers Decreased in 2023
There were 930,000 wood-framed homes completed in 2023, NAHB reports. This is a 3% decrease compared to 2022.
US Producer Price Index for Final Demand Increases in July
The Producer Price Index (PPI) for final demand, seasonally adjusted, advanced 0.1% in July.
US Median Asking Rent Declines in All Bedroom Counts in July—A First Since June 2020
Redfin reported that the median asking rent fell year-over-year across all bedroom counts in July—the first time that’s occurred since June 2020.