The 30-year fixed-rate mortgage averaged 6.87%, down from last week when it averaged 6.95%, Freddie Mac reported.
News in end use
Canadian New-Home Prices Increase for Second Consecutive Month in May
The national index increased 0.2% month-over-month in May, and prices were up in 10 of the 27 census metropolitan areas (CMAs) surveyed.
Canadians Receiving Employment Insurance Benefits Declines in April
456,000 Canadians received regular Employment Insurance (EI) benefits in April. This is down 2.8%, or 13,000 recipients, from March.
US Weekly Jobless Claims Inch Lower in the Week Ending June 15th
The advance figure for seasonally adjusted initial unemployment claims was 238,000, a decrease of 5,000 from the previous week.
US Housing Deficit Grows to 4.5 Million Homes in 2022, Zillow Reports
New analysis from Zillow released on Tuesday shows that, despite a construction boom brought on by the pandemic, the US housing shortage grew to 4.5 million homes in 2022, up from 4.3 million in 2021.
US Builder Confidence Drops for Second Consecutive Month in June
The NAHB/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes fell 2 points from May to a reading of 43 in June.
US Existing-Home Prices Increase at a Slower Monthly Pace in May
US existing-home prices rose 0.3% month-over-month in May—the smallest increase on a seasonally adjusted basis since January 2023—Redfin reported.
US Commercial/Multifamily Mortgage Debt Outstanding Increases to $40.1 Billion in Q1
The level of commercial/multifamily debt outstanding increased 0.9% to $40.1 billion in Q1, MBA reported.
Canadian Job Vacancies Decline in Q1
Job vacancies declined 3.6%, or 24,300, to 648,600 in Q1. This marks the seventh consecutive quarterly decline.
Canadian Housing Starts Rise in May
The standalone SAAR of total housing starts for all areas in Canada in May was 264,506 units—a month-over-month increase of 10%—CMHC reported.