Homebuyers have the most options since 2020, but few are biting because of high monthly payments, Redfin reported.
News in end use
US Mortgage Rates Inch Lower in the Week Ending February 13
The 30-year fixed-rate mortgage averaged 6.87%, down from last week when it averaged 6.89%, Freddie Mac reported.
NAHB Multifamily Market Survey Shows Mixed Results for Q4
The NAHB Multifamily Market Survey’s Multifamily Production Index (MPI) increased 7 points year-over-year to a reading of 48, still below the break-even point of 50.
US Producer Price Index for Final Demand Up 3.5% Year-Over-Year in January
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.4% in January.
US Weekly Initial Jobless Claims Decline in the Week Ending February 8
The advance figure for seasonally adjusted initial unemployment claims was 213,000, a decrease of 7,000 from the previous week’s revised total.
US Consumer Price Index Rises 3.0% Year-Over-Year in January
The index for shelter rose 0.4% in January, accounting for nearly 30% of the monthly all items increase. The energy index rose 1.1% over the month.
US Mortgage Applications Increase in the Week Ending February 7
Mortgage loan application volume increased 2.3% on a seasonally adjusted basis from one week earlier, MBA reported.
US Existing-Home Buyers Seeing Largest Discounts in Nearly Two Years
The typical home is selling for 1.8% less than its asking price, the biggest discount in nearly two years, Redfin reported.
Value of Canadian Building Permits Increases 11.0% in December
The total value of building permits rose 11.0% to $13.1 billion (CAD) in December. On a constant dollar basis (2017=100), the value of building permits issued grew 8.8%.
MBA Mortgage Credit Availability Index Rises in January
The MBA Mortgage Credit Availability Index rose 2.5% in January to a reading of 99.0.