Consumer credit outstanding growth slowed to a seasonally adjusted annual rate (SAAR) of 0.4% in Q3, according to the Fed and NAHB analysis.
News in end use
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.
Sales of New Homes Make Up Almost a Third of All Home Sales in the US
30.6% of single-family homes for sale in Q3 were new construction, the highest share of any Q3 on record, Redfin reported.
Mortgage Rates Pause Upward Trek in the Week Ending November 2nd
30-year fixed-rate mortgage averaged 7.76%, down from last week when it averaged 7.79%, Freddie Mac reported.