The 30-year fixed-rate mortgage averaged 6.76%, unchanged from last week, Freddie Mac reported.
News in end use
US Multifamily Developer Sentiment Declines in Q1
Multifamily developers started Q1 in a cautious state of mind, NAHB reported.
US Weekly Initial Jobless Claims Decline in the Week Ending May 3
The advance figure for seasonally adjusted initial unemployment claims was 228,000, a decrease of 13,000 from the previous week’s unrevised total.
Fannie Mae Home Purchase Sentiment Index Rises in April
The Fannie Mae Home Purchase Sentiment Index increased 1.1 points to a reading of 69.2 in April.
Federal Reserve Holds Interest Rates Steady
The US Federal Reserve decided to hold its key interest rate unchanged as it waits for the Trump administration’s trade policy to take shape and sees its impact, CNBC reported.
Mortgage Applications Climb in the Week Ending May 2
Mortgage loan application volume increased 11.0% on a seasonally adjusted basis from one week earlier, MBA reported.
US New-Home Prices Fall in Q1 While Existing-Home Prices Rise
The median price for a new single-family home sold in Q1 was $416,900, according to the Census Bureau, NAR, and NAHB.
US Labor Costs Increase Modestly in Q1
US labor costs increased moderately in Q1 as economic uncertainty caused by tariffs cools demand for labor, Reuters reported.
US Building Permits for Multifamily Construction Fall Below Pre-Pandemic Levels
Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the US over the past year, Redfin reported.
US Construction Employment Trends Higher in April
Employment in the construction sector increased by 11,000 jobs in April, following a downwardly revised gain of 7,000 in March, the BLS and NAHB reported.