Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 25th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, unchanged from the previous week.
News in end use
Weekly Jobless Claims Increased in the Week Ending November 21st, 2020
The U.S. Department of Labor is reporting that an additional 778,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 21st.
New Home Sales Slip -0.3% in October 2020 but are 41.5% Above October 2019
The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000.
Mortgage Applications Increased 3.9% in Week Ending November 20th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending November 20th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 3.9% on a seasonally adjusted basis from one week earlier.
The Federal Housing Finance Agency Announces New Higher Maximum Conforming Loan Limits in 2021 for Fannie Mae and Freddie Mac Mortgages
The Federal Housing Finance Agency (FHFA) announced on Tuesday (11/24) that the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for single-unit properties will be $548,250, an increase from the 2020 CLL of $510,400.
Home Prices Jump 7% Higher in September According to Latest S&P CoreLogic Case-Shiller Report
Home prices jump higher due to stronger demand from buyers seeking more space due to coronavirus pandemic.
Townhouse Construction Declines Further in Q3 2020
Analysis provided by the National Association of Home Builders (NAHB) reveals that townhouse construction continues to decline.
COVID-19 Pandemic Proves to be a Catalyst for Home Improvement
The COVID-19 pandemic has altered how many Americans work and go to school. Instead of large office complexes and classrooms, many Americans continue to work and receive educational instruction from their homes.
Large City Canadian Condo Owners Struggle to Sell Their Units Delaying Moves to Single-Family Home
Condo owners in Canada’s largest cities like Toronto and Vancouver are ready to pack up and move to new single-family detached homes. The current interest rates are attractive and having a back yard for the kids to play would be a real bonus.
Consumer Comfort Index Matches Early April Levels
The Bloomberg Consumer Comfort Index (BCCI), which was released on Thursday (11/19) rose 1.8 points to a reading of 49.8 last week. Not only matching a mid-September reading that was strongest since early April, but also marking three straight weeks of improvement.