Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 24th September 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.88% with an average 0.8 point, down from last week when it averaged 2.90%.
News in end use
Employers Continued to Cut Jobs in Q3 2020
According to the monthly report released today (10/1) from Challenger, Gray and Christmas Inc., a global outplacement and business and executive coaching firm, job cuts announced by U.S. based employers jumped to 118,804 in September, up 2.6% from August’s total of 115,762.
Weekly Jobless Claims Decline in the Week Ending 26th September 2020
The U.S. Department of Labor is reporting that an additional 837,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday September 26th. An decrease of 36,000 from the previous week’s revised level.
Total U.S. Construction Spending up Year-Over-Year 2.5% in August
The U.S. Census Bureau has announced that total construction spending during August 2020, was estimated at a seasonally adjusted annual rate (SAAR) of 1,412.8 billion, 1.4% above the revised July estimate of $1,392.7 billion.
Canadians Remain Optimistic About Housing Even as the Second Wave of COVID-19 Starts
According to the latest Nanos Research for Bloomberg News poll, Canadians are increasingly optimistic about housing, even as the country finds itself in the grips of the second wave of the COVID-19 pandemic.
U.S. Home Prices Rose 4.8% Year-Over-Year in July
According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, strong homebuyer demand in July, combined with historically low mortgage interest rates propelled home prices higher in major markets across the U.S.
Mortgage Applications Decline in Week Ending September 25th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending September 25th, 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -4.8% on a seasonally adjusted basis from one week earlier.
Pending Home Sales Increase 8.8% in August – New Record High
The National Association of Realtors® (NAR) is reporting that 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, increased 8.8% in August to a reading of 132.8 – a record high.
Consumer Confidence Rebounds in September
The Conference Board’s Consumer Confidence Index® increased in September, following a sharp decline in August. The Index now stands at 101.8 (1985=100), up from 86.3 in August.
Strong Buyer Demand in July 2020, sends National Home Price Index Values Higher
According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, strong homebuyer demand in July, combined with historically low mortgage interest rates propelled home prices higher in major markets across the U.S. Nationally, home values rose 4.8% annually up from a 4.3% gain in June.