Mortgage loan application volume increased 2.5% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
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US Asking Rent Prices Continue to Inch Lower in October
The median US asking rent in October was 3.7% below the record high of $2,054 set in August 2022 and down 0.3% from a year ago, Redfin reported.
Consumer Credit Outstanding Growth Slows in Q3, Federal Reserve’s G.19 Consumer Credit Report Shows
Consumer credit outstanding growth slowed to a seasonally adjusted annual rate (SAAR) of 0.4% in Q3, according to the Fed and NAHB analysis.
Fannie Mae’s Home Purchase Sentiment Index® Increases in October Despite Higher Mortgage Rates
Fannie Mae’s Home Purchase Sentiment Index® (HPSI) inched 0.4 points higher to a reading of 64.9 in October.
Commercial/Multifamily Borrowing Down in Q3
In Q3, Commercial and multifamily originations were down 49% year-over-year and 7% when compared to Q2, according to the Mortgage Bankers Association.
Construction Sector Job Growth Continues in October
Construction sector employment increased by 23,000 in October, following a gain of 13,000 in September, according to the NAHB and Census Bureau.
Record Number of Home Sellers Reduced Their Selling Price in October to Attract Buyers
Nearly 7% of homes for sale posted a price drop during the four-week period ending on October 29th, Redfin reported.
US Nonfarm Payroll Increases by 150,000 in October; Unemployment Inches Higher to 3.9%
Total nonfarm payroll employment increased by 150,000 in October. The unemployment rate increased 0.1% to a reading of 3.9%.
Canadian Employment and Unemployment Both Increase Modestly in October
In October, employment increased by 18,000 jobs, or 0.1%. This follows an increase of 64,000 jobs, or 0.3%, in September.
US Census Bureau Releases Q3 Residential Vacancies and Homeownership Report
The national vacancy rate in Q3 was 6.6% for rental housing and 0.8% for homeowner housing.