Employment in Canada increased by 37,000 in January, following three consecutive months with little change.
News in end use
30-Year Fixed-Rate Mortgages Inch Higher in the Week Ending February 8th
The 30-year fixed-rate mortgage averaged 6.64%, up from last week when it averaged 6.63%, Freddie Mac reported.
US Weekly Jobless Claims Decline in the Week Ending February 3rd
The advance figure for seasonally adjusted initial unemployment claims was 218,000, a decrease of 9,000 from the previous week’s revised level.
US Housing Affordability Remains Near Record Low in 2023Q4
In 2023Q4, just 37.7% of all new and existing homes sold were affordable to families earning the US median income of $96,300, NAHB reported.
Limited Housing Availability and Elevated Mortgage Rates Remain a Headwind to Homeownership
The US homeownership rate declined to 65.7%, a result of continuing tight housing supply and elevated mortgage interest rates, according to the Census Bureau and NAHB.
Fannie Mae’s January Home Purchase Sentiment Index Hits Highest Reading Since March 2022
Fannie Mae’s Home Purchase Sentiment Index® rose 3.5 points in January to a reading of 70.7. Year-over-year, the full HPSI is up 9.1 points.
Mortgage Applications Increase in the Week Ending February 2nd
Mortgage loan application volume increased 3.7% on a seasonally adjusted basis from one week earlier, MBA reported.
32% of Single-Family Homes for Sale in 2023Q4 Were New Construction
In Q4, 31.8% of all US single-family homes for sale were new construction, Redfin reported. That is that comparable with 31.9% in 2022Q4, the highest level of any Q4 on record.
Canadian Building Permits Data for December, 2023Q4, and 2023
The total value of building permits in Canada declined 14.0% from November to $9.2 billion (CAD) in December.
US Asking Rents Decline for Sixth Consecutive Month in January
The US rental market logged its sixth consecutive month of negative growth with the nationwide median rent falling 0.3%, in February, Apartment List reported.