Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 7th, total mortgage activity increased 0.9% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 22 basis points to 7.07%. The FRM rate has risen 30 basis points over…
Consumer prices in June saw a continued deceleration, with the smallest year-over-year gain since March 2021. Over the past twelve months, inflation has been consistently decelerating. Despite a slowdown compared to the previous month, the shelter index (housing inflation) continued to be the largest contributor…
Consumer credit outstanding growth slowed to a 30-month low of 1.8% in May 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 8.2% and -0.4%, respectively. Credit growth for March and April—each of which were…
Data obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, show that the rising trend of two or more stories homes continued in 2022. Although the overall share remained virtually unchanged, the share of two or more stories homes started…
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 12.4 percent in North Dakota to 0.1…
The count of open, unfilled jobs for the overall economy moved lower in May, falling to 9.8 million. While ongoing tight labor market conditions have likely confirmed one to two more Fed rate hikes through the start of the Fall, the JOLTS survey is another…
After two consecutive monthly declines, existing home sales saw a modest increase in May as mortgage rates were relatively steady in April, according to the National Association of Realtors (NAR). However, elevated mortgage rates and limited inventory continued to weight on homebuyers. Low resale inventory…
