News in end use

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 15th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.81% with an average 0.6 point, down from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 3.69%.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 9th, 2020, mortgage applications decreased 0.7% from the previous week. On an unadjusted basis, the Index decreased -1% compared with the previous week.

A closer look into the Bureau of Labor Statistics (BLS) September Producer Price Index (PPI) reveals that prices paid for goods used in residential construction increased 1.8% (not seasonally adjusted). Less food and energy the index for inputs to residential construction increased 2.2% over the month.

Rayonier Inc. has announced an $ 80,000 donation for disaster relief assistance to the communities impact by the recent wildfire in the Pacific Northwest and the recent hurricanes in the Gulf Coast.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 49 basis points from 6.81% of servicers’ portfolio volume in the prior week to 6.32% as of October 4, 2020.

The Bureau of Labor Statistics (BLS) is reporting that consumer prices increased at a slower pace in September. According to the BLS, The Consumer Price Index (CPI) rose by 0.2% on a seasonally adjusted basis, slower than the 0.4% increase experienced in August and a 0.6% increase in July.

The spread between 10-Year Treasury rate and 30-year fixed-rate mortgages continues to trend lower, signaling lower risks for investors.

Year-over-year median home sales price jumped 15% during the week ending on October 4th.

According to data from the latest Census Bureau Survey of Construction data, with analysis provided by the National Association of Home Builders (NAHB) the total market share of offsite built single-family homes (modular and panelized) dropped to 3% of single-family completions in 2019.