News in end use

The 30-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.95%, according to Freddie Mac.

The Mortgage Bankers Association’s Purchase Applications Payment Index (PAPI) fell 2.8% to a reading of 170.9 in November, down from 175.9 in October.

The Conference Board Leading Economic Index® (LEI) declined 0.5% in November to a reading of 103.0 (2016=100), following a decline of 0.1% in October.

The advance figure for seasonally adjusted initial unemployment claims was 205,000 during the week ending December 16th, an increase of 2,000 from the previous week’s revised level.

Total existing-home sales recorded a 0.8% increase in November from October to a seasonally adjusted rate of 3.82 million homes, the National Association of Realtors reported.

Mortgage loan application volume declined 1.5% on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association reported.

The Conference Board Consumer Confidence Index® rose to 110.7 (1985=100) in December, up from a downwardly revised November reading of 101.0.

The number of Canadians receiving regular Employment Insurance (EI) benefits in October changed little, increasing by 0.7%, or 2,900 persons, to 443,000.

Privately‐owned housing starts in November were at a seasonally adjusted annual rate (SAAR) of 1,560,000. This is 14.8% above the revised October estimate of 1,359,000.

In its December commentary, the ESR Group said single-family home sales likely bottomed out in 2023Q4 and are expected to begin a slow but meaningful recovery over the course of the next year.