October Housing Stats Show Slight Gains

Both of the key metrics for residential construction, housing permits, and housing starts, beat analysts’ expectations in October. The U.S. Census Bureau and Department of Housing and Urban Development said permits rose 1.1 percent compared to September while housing starts increased by 1.5 percent. Permits were issued at a seasonally adjusted annual rate of 1.487 million units compared to 1.471 million units in September. The September estimate was only a slight revision from the 1.473 million originally reported. Analysts polled by Econoday had estimated that permits would come in at 1.463 million units. [housingpermitschart] The permits issued in October 2023 were 4.4 percent fewer than the 1.555 million permits authorized in October 2022. The annual rate of permitting for single-family houses was 968,000 units, 0.5 percent higher than the 963,000 units in September and an improvement of 13.9 percent year-over-year. Multifamily permits increased by 2.2 percent to 469,000 but dropped 27.9 percent compared to October 2022. On a non-adjusted basis, there were 124,000 permits issued last month, 79,700 of which were for single-family houses, an improvement on the relative numbers in September of 116,700 and 76,500. Permits for the first nine months of 2023 total 1.252 million, down 13.8 percent from the same period last year. The 773,600 permits for single-family houses are a reduction of 10.6 percent from the same period last year and the 432,300 multifamily represent a decrease of 20.1 percent.

November 17, 2023 Download our Mobile App: Download our Mobile App: Housing News October Housing Stats Show Slight Gains Both of the key metrics for residential construction, housing permits, and housing starts, beat analysts’ expectations in October. The U.S. Census Bureau and Department of Housing and Urban Development said permits rose 1.1 percent compared to Septe... (read more) Mortgage Rate Watch Mortgage Rates Nearly Unchanged At Recent Lows The average mortgage lender was fairly close to their lowest levels of the past 2 months by yesterday afternoon and today saw almost no change. That's a departure from the recent trend of larger movements, but also an expected shift given the a... (read more) MBS Commentary Light Calendar Apart From Fed Speakers Our recent analytical thesis runs the risk of being all dressed up with nowhere to go between now and the first full week of December. As such, things could get repetitive in the coming week although monotony could be broken by unexpected headl... (read more) Rob Chrisman TPO and Correspondent, Non-Agency Best Ex, Verification; Equity Figures for Refis; STRATMOR on Customer Experience Talk can be humorous. "That lowdown scoundrel deserves to be kicked to death by a jackass, and I'm just the one to do it." (Attributed to a congressional candidate in Texas.) Here in Dallas, mortgage talk is certainly wide-ranging and varied as there... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.37% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.37% +0.01 0.00 15 Yr. Fixed 6.75% 0.00 0.00 30 Yr. FHA 6.70% -0.01 0.00 30 Yr. Jumbo 7.75% 0.00 0.00 5/1 ARM 6.94% -0.01 0.00 30 Yr. VA 6.72% -0.01 0.00 Updates Daily - Last Update: 11/17 15 Yr. Fixed Rate 6.75% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 7.44% -0.06 0.00 15 Yr. Fixed 6.76% -0.05 0.00 Updates Weekly - Last Update: 11/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.61% -0.25 0.69 15 Yr. Fixed 6.98% -0.16 0.88 30 Yr. Jumbo 7.58% -0.22 0.65 Updates Weekly - Last Update: 11/8 MBS / Treasuries UMBS 30YR 6.0 99.73 -0.03 Price / Yield Change MBS UMBS 6.0 99.73 -0.03 UMBS 6.5 101.14 -0.09 GNMA 6.0 100.08 +0.06 GNMA 6.5 101.11 +0.02 Pricing as of: 11/17 5:31PM EST 10 Year US Treasury 4.4410 +0.0000 Price / Yield Change US Treasury 2 YR Treasury 4.898 +0.048 5 YR Treasury 4.448 +0.022 7 YR Treasury 4.473 +0.010 10 YR Treasury 4.441 0.000 30 YR Treasury 4.593 -0.025 Pricing as of: 11/17 5:31PM EST Latest Video We need a lot further decline in rates to reignite the existing home market... Boston Fed President Susan Collins: Too soon to declare victory over high i... The U.S. consumer is resilient despite constant headwinds, says BNP's Jean-... Jay Powell wants to be remembered as Paul Volcker not Arthur Burns: Former ... Around the Web CNBC 11 U.S. cities where you need to earn more than $200,000 to buy a home Marketwatch Fed's Daly says it makes sense to wait on interest-rate policy given all the uncertainty Calculated Risk Blog Lawler: Early Read on Existing Home Sales in October CNBC Fed's Susan Collins says more rate hikes can't be taken off the table yet CNBC Treasury yields slip further amid hopes of a 'dovish pivot' by the Fed Calculated Risk Blog Realtor.com Reports Active Inventory UP YoY CNBC Fed's Mester wants 'much more evidence' that inflation has been defeated Eye on Housing Best Quarter for Townhouse Construction Since 2007 Eye on Housing Builder Sentiment Down Again, but Better Building Conditions are in View CNBC U.S. crude prices fall nearly 4% as inventories rise Eye on Housing Single-Family Starts Flat in October Eye on Housing Multifamily Developer Confidence Comes in Weak in Third Quarter on Financing Concerns Calculated Risk Blog Housing Starts Increased to 1.372 million Annual Rate in October

© 2023 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [email protected]. Go here to UNSUBSCRIBE from this email.