The U.S. Department of Labor is reporting that an additional 712,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 6th, 2021. A decrease of 42,000 from the previous week’s revised level.
News in end use
The Associated Builders and Contractors Construction Backlog Indicator Rises Sharply in February
A survey of Associated Builders and Contractors (ABC) members conducted between February 22 and March 3, 2021 reports that the ABC Construction Backlog Indicator rose to 8.2 months in February.
Consumer Price Index for All Urban Consumers Increased Year-Over-Year 1.7% and 0.4% in February
The Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index (CPI) for All Urban Consumers (CPI-U) increased 0.4% in February on a seasonally adjusted basis after rising 0.3% in January.
Mortgage Applications Decrease in the Week Ending March 5, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending March 5, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.3% on a seasonally adjusted basis from one week earlier.
Mortgage Credit Availability Index Unchanged in February, Remains Close to Lowest Level Since 2014
According to the latest Mortgage Credit Availability Index (MCAI), mortgage credit availability remained unchanged at 124.6 in February. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.
Canadian Confidence Index Rises to Highest Level Since January 2018 in Week Ending March 5, 2021
According to the Bloomberg Nanos Canadian Confidence Index (CCI), which is a gauge of household sentiment, Canadian consumer confidence rose to its highest level since January 2018, amid optimism that an accelerated vaccine rollout will soon bring an end to the Covid-19 health crisis.
Shares of Mortgages in Forbearance Decreased in Week Ending February 28, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 3 basis points from 5.23% of servicers’ portfolio volume in the prior week to 5.20% as of February 28, 2021.
Higher Mortgage Rates Decrease Buyers Spending Power
Redfin, the Seattle-based, technology-powered real estate brokerage firm is reporting that a homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting earlier this year.
Total Investment in Building Construction in Canada Hits New All-Time Record of $16.0 Billion
Statistics Canada (StatsCan) is reporting today (3-8-21), that total investment in building construction reached $16.0 billion for the first time on record, up 2.8% from December 2020, based on continued strength in the residential sector.
Forestry Products and Building and Packaging Materials Help Canada Posts $1.4 Billion Trade Surplus
Statistics Canada (StatsCan) reported today (3/5/21) that Canada posted a trade surplus of $1.4 billion in January 2021 — the first trade surplus since May 2019 and the largest since July 2014.