News in end use

The 30-year fixed-rate mortgage averaged 6.30%, up from 6.23% the previous week, Freddie Mac reported.

The advance figure for seasonally adjusted initial unemployment claims was 189,000, a decrease of 26,000 from the previous week.

US housing starts rose 10.8% in March to a 1.502 million units (SAAR), permits fell 10.8% to 1.372 million units, and completions were little changed.

The Federal Reserve held its benchmark rate at 3.50–3.75%, citing solid economic activity, elevated inflation, and ongoing geopolitical uncertainty.

Canadian residential construction costs rose 0.6% in Q1, while nonresidential costs increased 0.5%, as skilled labor and material sourcing constraints persisted.

Mortgage loan application volume decreased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.

US rental and homeowner vacancy rates held at 7.3% and 1.1% in Q1, respectively, while the homeownership rate was little changed at 65.3%.

The Conference Board Consumer Confidence Index rose slightly to 92.8 in April, up from 92.2 in March.

The FHFA House Price Index held steady in February and was up 1.7% year-over-year.

Canadian builder confidence fell in Q1, with the single-family index at 20.9 and multifamily at a record-low 13.4, the CHBA reported.