The 30-year fixed-rate mortgage averaged 6.88%, down from last week when it averaged 6.94%, Freddie Mac reported.
News in end use
US Weekly Jobless Claims Unchanged in the Week Ending March 2nd
The advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending March 2nd, unchanged from last week.
Private Sector Job Cuts Increase 3.0% Month-Over-Month in February
US-based employers announced 84,638 job cuts in February, a 3.0% increase from January, according to Challenger, Gray & Christmas, Inc.
Mortgage Applications Increase in the Week Ending March 1st
Mortgage loan application volume increased 9.7% on a seasonally adjusted basis from one week earlier, the MBA reported.
ADP® Reports Increased Private Sector Employment and Compensation Gains in February
Nonfarm private sector employment increased by 140,000 jobs in February, and annual pay was up 5.1% year-over-year, ADP reported.
US Job Openings and Labor Turnover Summary for January
As of the last business day in January, the number of job openings changed little at 8.9 million.
New US Single-Family Home Production Showed Signs of Improvement in 2023Q4
Single-family growth rates saw a turnaround in 2023Q4, led by large urban metro markets, the NAHB reported.
US Nonresidential Construction Spending Declines in January, Ending 19 Consecutive Monthly Gains
US nonresidential construction spending declined 0.4% month-over-month in January, the Associated Builders and Contractors and Census Bureau reported.
Canadian Government Finalizes Deals With Cities to Help Accelerate Home Building
Canada announced that the federal government has signed 179 housing deals via the $4 billion (CAD) housing accelerator fund, The Canadian Press reported.
Home Buyers Need to Earn $47,000 More a Year Than in 2020 to Comfortably Afford a Home
Homebuyers need to make in excess of $106,000 a year to comfortably afford a home, 80% more than in January 2020, Zillow reported.