The U.S. Department of Labor is reporting that an additional 2.438 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 16th.
News in end use
Canadian Inflation Level Moves into Negative Territory – First Time Since 2009
According to Statistics Canada, Canada’s annual inflation rate fell by 0.2% in April, moving into negative territory for the first-time since 2009.
Canadian Home Prices Experience Strong Gains in April
In April, home prices in Canada increased at a greater pace than typical for the month. Led by sales in the metropolitan markets of Ottawa-Gatineau and Toronto areas.
Mortgage Rates Continue to Hold Steady
The Freddie Mac Primary Mortgage Market Survey for the week ending May 21st, 2020 shows that 30-year fixed-mortgage rate averaged 3.24% percent with an average 0.7 point, down from last week when it averaged 3.28%.
Existing Home Sales Tumble 17.8% in April
he National Association of Realtors® is reporting that total existing-home sales declined -17.8% from March, to a seasonally-adjusted annual rate of 4.33 million in April.
Custom Home Building Posts Modest Gains in First Quarter of 2020
A deeper dive into the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design report reveals that custom home building posted a small increase during the first quarter of 2020.
22% of Builders Nationwide Cut Prices in April 2020
According NAHB Housing Market Index, about 22% of builders nationwide cut their home prices, approximately 5%, in April, trying to rejuvenate sluggish sales and avoid cancellations.
Mortgage Refinancing Poised to Set 17-year High
With mortgage rates at near record low levels, Fannie Mae is expecting to see refinance (refis) volumes spike this year to a 17-year high.
Mortgage Applications Drop in Week Ending May 15th 2020
According to the MBA Weekly Mortgage Application Survey, for the week ending May 15th, 2020, the Market Composite Index decreased -2.6% on a seasonally adjusted basis from one week earlier.
Oregon Supreme Court Halts Baker County Circuit Court Judges Ruling Nullifying Gov. Brown’s Stay at Home Order
The Oregon Supreme Court has halted a Baker County Circuit Court judge’s ruling nullifying Oregon’s Gov. Kate Brown’s COVID-19 stay at home order.