The PMMS shows that 30-year fixed-mortgage rate averaged 3.28% with an average 0.7 point, up slightly from last week when it averaged 3.26%.
News in end use
Builders and Developers Report Credit Criteria Tightening During First Quarter of 2020
Builders and developers are reporting tighter credit conditions for land acquisition, development, and single-family home construction (AD&C).
Lumber and Building Materials Prices Post Record Monthly Decline in April
According to the latest Producer Price Index (PPI) report, prices (not seasonally adjusted) paid for goods used in residential construction decreased -4.1% in April.
Weekly Jobless Claims Rise Another 2.981 Million for Week Ending May 9th
The U.S. Department of Labor is reporting that an additional 2.981 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 9th.
Housing’s Share Provides a Bright Spot in the First Quarter GDP
Amidst all the gloom and doom there was some positive news regarding housing’s share of the GDP, which increased to 14.9% in the first quarter.
Mortgage Applications Increase in Week Ending May 8th, 2020
For the week ending May 8th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from one week earlier.
Potential Buyers List a Home Office as a Top Priority
According to the NAHB consumer preference study, which was last conducted in 2018, a majority of prospective buyers back then indicated that they wanted a home office, followed by a dedicated exercise space and large family specialty area such as media or game room.
U.S. Housing Market Recovery Forecasted to look more like a “W”
According to an updated 2020 forecast from realtor.com, the rebound in the U.S. housing market will neither look like a “V” or a “U” but rather more like a “W”.
Small Business Optimism Index Drops in March
The National Federation of Independent Business Optimism Index fell 8.1 points in March, to a reading of 96.4.
Are Millennials Putting Homeownership on Hold?
Current mortgage rates make buying a home, especially for a millennial (24 – 38-years old), a much more attractive option than continuing to pay the landlord. But then again, perhaps not.