The Associated Builders and Contractors Construction Backlog Indicator held steady at 8.9 months in June. The reading is also unchanged from June 2022.
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Remodeling Market Outlook Declines Slightly in Q2
The National Association of Home Builders (NAHB) and Westlake Royal Remodeling Market Index report edged slightly lower in Q2, down 2 points from Q1 to a reading of 68. However, even after the modest decrease, the RMI remains in positive territory.
Fixed Mortgage Rates Continued to Climb Higher in the Week Ending July 13th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 13th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 5.51%.
Producer Price Index for Final Demand Inches Higher Month-Over-Month and Year-Over-Year in June
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.1% in June, after declining 0.4% in May. On an unadjusted basis, the index for final demand advanced 0.1% for the twelve-month period ending in June.
US Weekly Jobless Claims Decline in the Week Ending July 8th
The advance figure for seasonally adjusted initial unemployment claims was 237,000 during the week ending on Saturday, July 8th. This is a decrease of 12,000 from the previous week’s revised level of 249,000. The 4-week moving average was 246,750.
Mortgage Applications Resume Upward Trek in the Week Ending July 7th
According to the Mortgage Bankers Association, mortgage loan application volume increased 0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 19.0%.
Consumer Price Index Increases 0.2% in June; All-Item Index Up 3.0% Year-Over-Year
The Consumer Price Index for All Urban Consumers increased 0.2% in June on a seasonally adjusted basis. Over the past 12 months, the all-item index increased 3.0% before seasonal adjustment.
Mortgage Credit Availability Increased in June
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability increased by 0.1% in June.
Consumer Credit Growth Slowed to a 30-Month Low in May, The Fed Reports
Consumer credit outstanding growth slowed to a 30-month low of 1.8% in May (SAAR). Revolving credit grew at 8.2%, but nonrevolving credit contracted 0.4%. Total consumer credit outstanding stands at $4.82 trillion (NSA).
NFIB’s Small Business Optimism Index Increases in June, But Remains Below 49-Year Average
The National Federation of Independent Business’ Small Business Optimism Index increased 1.6 points to a reading of 91.0 in June. This is the eighteenth consecutive month that the SBOI has been below the 49-year average reading of 98.