The Fed cut rates by 0.25%, taking note of a job market that has “generally eased” while inflation continues to move towards the bank’s 2% target.
News in end use
US Pending Homes Sales Hold Steady, Despite Election Jitters and Mortgage Rates Above 7%
US pending home sales rose 4.3% year-over-year during the four weeks ending November 3rd, Redfin reported.
US Mortgage Rates Trend Higher for the Sixth Consecutive Week
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.72%, Freddie Mac reported.
US Multifamily Market Survey Reports Mixed Results for Q3
Confidence in the market for new multifamily housing showed mixed results year-over-year in Q3, NAHB reported.
Mortgage Delinquencies Decline Modestly in Q3, But Remain Elevated Year-Over-Year
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased slightly compared to one year ago, MBA reported.
US Weekly Initial Jobless Claims Trend Higher in the Week Ending November 2nd
The advance figure for seasonally adjusted initial unemployment claims was 221,000, an increase of 3,000 from the previous week’s revised level.
Mortgage Applications Decline in the Week Ending November 1st, Marking Sixth Consecutive Drop
Mortgage loan application volume decreased 10.8% on a seasonally adjusted basis from one week earlier, MBA reported.
Canadian Building Construction Price Indexes for Q3
In Q3, residential building construction costs increased 0.9% on a quarterly basis, following a 1.0% increase in the previous quarter.
Number of US Renter Households Continues to Increase in Q3
The number of renter households in Q3 rose 2.7% year-over-year to a record 45.6 million, Redfin reported.
US Private Residential Construction Spending Increases 0.2% in September
Private residential construction spending trended up 0.2% in September, the Census Bureau and NAHB reported. Year-over-year, construction spending was 4.1% higher.