The Bank of Canada reduced its target for the overnight rate to 3.75%, with the Bank Rate at 4.0% and the deposit rate at 3.75%.
News in end use
US Existing-Home Sales Decline 1.0% in September
Total US existing-home sales declined 1.0% in September to a seasonally adjusted annual rate of 3.84 million, NAR reported.
Mortgage Applications Decline the Week Ending October 18th, The Fourth Consecutive Drop
Mortgage loan application volume decreased 6.7% on a seasonally adjusted basis from one week earlier, MBA reported.
Commercial Real Estate and Multifamily Mortgage Delinquencies Trend Higher in Q3
The delinquency rates for mortgages backed by commercial properties increased slightly during Q3, MBA reported.
Canadian Industrial Product and Raw Materials Price Indices Decline in September
Prices for lumber and other wood products rose 1.2% in September, increasing for the second consecutive month. Higher prices for softwood lumber, up 3.2%, led the gain.
Redfin Reports US Home Prices Increased for Third Consecutive Month in September
Redfin reported that US home prices grew 0.5% month-over-month in September on a seasonally adjusted basis, the fastest pace since April.
State-Level Construction Employment Data for September
Construction employment increased in 24 states and the District of Columbia in September, the BLS and NAHB reported.
Share of US Mortgage Loans in Forbearance Increases for Fourth Consecutive Month in September
The total number of loans in forbearance as of September 30th increased to 0.34% of servicers’ portfolio volume, up from 0.31% in August, MBA reported.
The Conference Board US Leading Economic Index Trends Lower in September
The Conference Board Leading Economic Index declined 0.5% in September to a reading of 99.7 (2016=100), following a 0.3% decline in August.
US Home Builders Focusing on Townhomes and Condos to Alleviate Housing Shortage
Zillow reported that America’s housing stock continues to grow faster than it did before the pandemic-induced housing frenzy, as builders race to fill a shortage.