Housing Starts Fell From Last Month's Surprisingly Fast Pace

The rate of both construction permitting and housing starts retreated from their May levels last month. The significant increase in estimated starts from April to May was also revised lower. The U.S. Census Bureau and Department of Housing and Urban Development report that housing starts in June were at a seasonally adjusted rate of 1.434 million units. This is an 8.0 percent decline from the rate of 1.559 posted for May, a revision from the original estimate of 1.631 million. The pace of housing starts is now 8.1 percent lower than in June 2022. Single family declined 7.0 percent from the May rate of 1.005 million units to 935,000 units and starts in buildings with five or more units declined 11.6 percent to 482,000. Single-family starts were 7.4 percent and multifamily starts 11.2 percent below year-earlier rates. On an unadjusted basis, the number of starts during the month is estimated at 133,800 compared to 143,500 the prior month. Single-family starts were essentially unchanged at just over 90,000 units. Residential permits were issued at a seasonally adjusted rate of 1.440 million units, a 3.7 percent decrease from the May estimate of 1.496 units and 15.3 percent off the pace in May 2022. Single-family permits rose 2.2 percent to 922,000, 2.7 percent fewer year-over-year. The 467,000 annual rate of permitting for multifamily construction was down 13.5 percent for the month and 33.1 percent on an annual basis. Before seasonal adjustment, there were 135,500 permits issued in June, 90,800 of them for single-family houses. The respective May numbers were 139,600 and 88,900.

July 19, 2023 Download our Mobile App: Download our Mobile App: Housing News Housing Starts Fell From Last Month's Surprisingly Fast Pace The rate of both construction permitting and housing starts retreated from their May levels last month. The significant increase in estimated starts from April to May was also revised lower. The U.S. Census Bureau and Department of Housing and... (read more) Housing News Refinance Applications Rise on Falling Rates Applications for refinancing rebounded last week from the previous week’s holiday-related slowdown but purchase applications slid lower. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increase... (read more) Mortgage Rate Watch Mortgage Rates Basically Flat at 2-Month Lows Mortgage rates may have spiked to the highest levels in roughly 8 months two weeks ago, but they fully recovered as of last Thursday. Since then, very little has happened and even less has changed about the average 30yr conventional rate for to... (read more) MBS Commentary That's Enough For Now After bonds rallied hard last week, EU bonds began to rally harder. This was most noticeable in the current week where 10yr Bund yields fell all the way back to their late June lows on the heels of favorable inflation data and conciliatory ECB ... (read more) Rob Chrisman CFO, Compliance, Cap Mkts; POS, AI, REO, 2nd Lien, Verification Products; Housing Stats Think mortgage math is complicated? Many in the nation are focused on air conditioning. Why is it measured in tons? It harkens back to the days of using ice, and a “ton” measures how much heat, removed by the system, would be needed to melt 2,000 pou... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.90% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.90% +0.02 0.00 15 Yr. Fixed 6.32% +0.02 0.00 30 Yr. FHA 6.52% +0.02 0.00 30 Yr. Jumbo 6.95% +0.05 0.00 5/1 ARM 6.92% -0.03 0.00 30 Yr. VA 6.53% +0.04 0.00 Updates Daily - Last Update: 7/19 15 Yr. Fixed Rate 6.32% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.96% +0.15 0.00 15 Yr. Fixed 6.30% +0.06 0.00 Updates Weekly - Last Update: 7/13 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.29 0.66 15 Yr. Fixed 6.36% -0.06 0.72 30 Yr. Jumbo 6.89% -0.15 0.64 Updates Weekly - Last Update: 7/19 MBS / Treasuries UMBS 30YR 5.5 99.83 +0.08 Price / Yield Change MBS UMBS 5.5 99.83 +0.08 UMBS 6.0 101.03 +0.06 GNMA 5.5 99.80 +0.08 GNMA 6.0 100.75 +0.14 Pricing as of: 7/19 5:31PM EST 10 Year US Treasury 3.7500 -0.0390 Price / Yield Change US Treasury 2 YR Treasury 4.772 +0.008 5 YR Treasury 3.987 -0.018 7 YR Treasury 3.873 -0.029 10 YR Treasury 3.750 -0.039 30 YR Treasury 3.841 -0.058 Pricing as of: 7/19 5:31PM EST Latest Video Home prices on track for 8% increase year-over-year, says Black Knight's An... The Fed will continue to tighten until growth weakens sufficiently, says Ro... U.S. jobs report shows the labor market is cooling, says Evercore ISI's Kri... Payroll spending trends are sector dependant, says BofA Institute's Liz Eve... Around the Web CNBC These 10 states are America's strongest housing markets, offering buyers the best value Reuters Strong US apartment construction suggests slide in rental costs Federal Reserve Federal Reserve Board announces two enforcement actionsagainst Deutsche Bank AG, its New York branch, and other U.S.affiliates Eye on Housing Homeownership across US Counties Calculated Risk Blog Housing Starts Decreased Sharply to 1.434 million Annual Rate in June Eye on Housing Builder Confidence Edges Higher Despite Rising Rate Concerns Calculated Risk Blog Lawler: Early Read on Existing Home Sales in June & 4th Look at Local Markets CNBC U.S. Treasury yields fall as investors weigh global inflation outlook Calculated Risk Blog MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk Blog Retail Sales Increased 0.2% in June Calculated Risk Blog June Housing Starts: Record Number of Multi-Family Housing Units Under Construction Calculated Risk Blog AIA: Architecture Billings "Stable" in June; Multi-family Billings Decline for 11th Consecutive Month Calculated Risk Blog Industrial Production Decreased 0.5% in June

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