The Mortgage Bankers Association reported that mortgage applications for new home purchases increased 0.2% month-over-month and were up 35.5% year-over-year.
Wood Markets News
Nonresidential Construction Backlog Continued to Grow in July
The Associated Builders and Contractors Construction Backlog Indicator increased to a reading of 9.3 months for July. Year-over-year, the measure is up 0.6 months.
30-Year Fixed-Rate Mortgage Reaches Its Highest Level in Two Decades
The 30-year fixed-rate mortgage averaged 7.09% for the week ending August 17th, up from 6.96% a week earlier, according to Freddie Mac. This marks the fourth consecutive weekly increase.
Townhouse Construction Starts Changed Little in Q2
Single-family attached starts totaled 38,000 during Q2, according to the US Census Bureau and National Association of Homebuilders. That is relatively unchanged compared to 2022Q2.
The Conference Board US Leading Economic Index® Continued to Decline in July
The Conference Board Leading Economic Index® declined 0.4% in July to a reading of 105.8 (2016=100). The LEI has dropped 4.0% over the six-month period from January to July.
Canadian Unemployment Increases for Second Consecutive Month in June
In June, 410,000 Canadians received regular Employment Insurance benefits, up 7,300, or 1.8%, from May. Still, this is far below the number of recipients a year ago.
US Weekly Jobless Claims Decline in the Week Ending August 12th
The advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending Saturday, August 12th. This is a decrease of 11,000 from the previous week.
US Housing Starts and Permits Rise but Completions Fall in July
Privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,452,000. This is 3.9% above the revised June estimate of 1,398,000 and 5.9% above the July 2022 rate of 1,371,000.
Canadian Housing Starts Decline Month-Over-Month in July
The standalone monthly SAAR of total housing starts for all areas in Canada decreased 10% in July to 254,966 units, the Canada Mortgage and Housing Corporation reported.
Mortgage Applications Decline in the Week Ending August 11th—The Fourth Consecutive Drop
According to the Mortgage Bankers Association, mortgage loan application volume decreased 0.8% on a seasonally adjusted basis from one week earlier. Unadjusted, the index decreased 2.0%.