News in end use

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.

Home price growth in Q2 was stronger than previously anticipated but will likely moderate soon, closing 2024 and 2025 at annual rates of 6.1% and 3.0%, respectively, the ESR Group said.

the total number of loans in forbearance as of June 30th increased to 0.23% of servicers’ portfolio volume, up from 0.21% in May, MBA reported.