Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 25th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point, up from last week when it averaged 2.81%.
News in end use
Weekly Jobless Claims Decline in the Week Ending February 20, 2021
The U.S. Department of Labor is reporting that an additional 730,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 20th, 2021. This is a decrease of 111,000 from the previous week’s revised level.
Pending Homes Decline -2.8% in January, but Year-Over-Year are up 13.0%
The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -2.8% in January to a reading of 122.8.
Mortgage Applications Decline 11.4% in Week Ending February 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 19th, 2021, the Market Composite Index , a measure of mortgage loan application volume, decreased -11.4% on a seasonally adjusted basis from one week earlier.
New Residential Single Family Home Sales Up 4.3% from December 2020 and Up Year-Over-Year 19.3%
The U.S. Census Bureau is reporting that according to their estimates new residential single-family home sales for January 2021 were at a seasonally adjusted annual rate (SAAR) of 923,000. This is 4.3% above the revised December rate of 885,000, and is 19.3% above the January 2020 estimate.
Accelerated New Home Sales Growth Helps to Reduce the Volume of Outstanding Construction Loans
According to survey data gathered by the National Association of Home Builders (NAHB) the volume of residential construction lending posted a modest decline during Q4 of 2020. This continues a pattern of volume declines that began at the end of 2019.
New Family Home Size Stabilize in Q4 2020 as Pandemic Shifts Consumer Preferences
According to Q4 2020 data from the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design and analysis provide by the National Association of Home Builders (NAHB) after years of decline, new home sizes did level off in 2020.
U.S. Home Prices Increase 10.8% Between Q4 2019 to Q4 2020
According to the Federal Housing Finance Agency (FHFA), House Price Index (HPI®) U.S. house prices increased 10.8% between Q4 of 2019 and Q4 of 2020.
S&P CoreLogic Reports Annual Home Prices Gained 10.4% to Closeout 2020
On Tuesday, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 10.4% annual gain in December 2020, up from 9.5% in November.
Shares of Mortgages in Forbearance Continued Decline in Week Ending February 14, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 7 basis points from 5.29% of servicers’ portfolio volume in the prior week to 5.22% as of February 14, 2021.