The total number of loans in forbearance as of May 31st was 0.21% of servicers’ portfolio volume, according to the Mortgage Bankers Association.
News in end use
Canadian Consumer Price Index Inches Higher in May
The Canadian Consumer Price Index (CPI) increased 2.9% year-over-year in May, up from a 2.7% gain in April.
Freddie Mac’s US Economic, Housing, and Mortgage Market Outlook for June
Freddie Mac expects the US economy to continue to cool as consumers adjust their spending in response to higher interest rates.
Fannie Mae Economic and Strategic Research Group Lowers Expectations for 2024 Home Sales and GDP
Affordability constraints continue to limit the number of buyers willing and able to make home purchases, even as listing of for-sale homes are on the rise, the ESR Group said.
Median-Income Homebuyers Need $127,750 Down Payment for Affordable Monthly Payments on Typical US Home, Zillow Reports
To comfortably afford a typical US home, a home buyer making the median income needs to put down nearly $127,750, according to Zillow.
Canadian Industrial Product and Raw Materials Price Indexes for May
The prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), were unchanged month-over-month in May but were up 1.8% year-over-year.
The Conference Board US Leading Economic Index Continues to Decline in May
The Conference Board Leading Economic Index® decreased 0.5% to a reading of 101.2 in May, following a 0.6% decrease in April.
US Existing-Home Sales Decline in May
Total existing-home sales declined 0.7% in May from April to a seasonally adjusted annual rate of 4.11 million, MBA reported.
US Housing Starts, Building Permits, and Completions All Drop in May
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,277,000. This is 5.5% below the revised April estimate of 1,352,000.
Fixed-Rate Mortgages Decline in Week Ending June 20th, Marking Third Consecutive Drop
The 30-year fixed-rate mortgage averaged 6.87%, down from last week when it averaged 6.95%, Freddie Mac reported.