News in end use

The University of Michigan Index of Consumer Sentiment declined to a reading of 67.4 in May. This is a month-over-month decline of 12.7% but up 14.2% year-over-year.

The 30-year fixed-rate mortgage averaged 7.09%, down from last week when it averaged 7.22%, Freddie Mac reported.

During the four-week period ending May 5th, the US median monthly housing payment hit an all-time high of $2,894, Redfin reported.

The National Association of Home Builders Multifamily Market Survey shows confidence in the market for new multifamily housing declined year-over-year in Q1.

Commercial and multifamily mortgage loan originations in Q1 were basically unchanged year-over-year but were down 23% when compared to 2023Q4, MBA reported.

The advance figure for seasonally adjusted initial claims was 231,000 during the week ending May 4th, an increase of 22,000 from the previous week.

Mortgage loan application volume increased 2.6% on a seasonally adjusted basis from one week earlier, MBA reported.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), mortgage credit availability increased in April.

The Fannie Mae Home Purchase Sentiment Index® was unchanged in April, holding at a reading of 71.9, and is showing signs of plateauing once again.

The Associated Builders and Contractors reviewed the Bureau of Labor Statistics nonfarm payroll report for April.