News in end use

The 30-year fixed-rate mortgage averaged 7.29%, down from last week when it averaged 7.44%, according to Freddie Mac.

Mortgage loan application volume increased 3.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

The University of Michigan Index of Consumer Sentiment declined to a reading of 61.3 in November, down from 63.8 in October. This is a month-over-month decline of 3.9% but up 8.1% year-over-year.

The advance figure for seasonally adjusted initial unemployment claims was 209,000 during the week ending November 18th, a decrease of 24,000 from the previous week.

Existing-home sales recorded a 4.1% decline in October from September to a seasonally adjusted rate of 3.79 million homes, according to the National Association of Realtors.

The total number of loans in forbearance as of October 31st decreased 2 basis points to 0.29% of servicers’ portfolio volume, down from 0.31% in September, according to the Mortgage Bankers Association.

StatCan’s New-Housing Price Index was unchanged in October. Of the 27 census metropolitan areas (CMAs), 22 were unchanged and the remaining 5 were higher.

The Consumer Price Index (CPI) increased 3.1% year-over-year but was down from September’s 3.8% gain.

Investment in building construction increased 5.3% to $18.9 billion (CAD) in September. Residential building construction was up 7.3% to $12.9 billion.

Overall, the construction industry added a net 23,000 jobs month-over-month in October, according to the Bureau of Labor Statistics and NAHB analysis.