November 18, 2020

MBA Mortgage Applications (week ended 11/13/2020)

- Purchase Index week/week +4.0%. Previous weeks were 3.0%, -1.0%, +0.2%, -2.0%, -2.0%, -2.0%, -2.0%, +3.0%-1.0%, +3.0%,  -0.2%, +0.4%, +1.0%, and +2.0%

- Refinance Index week/week  --2.0%. Previous weeks were +1.0%, +6.0%, +3.0%, +0.2%, -0.3%, +8.0%, -7.0%, +9.0%, -4.0%, +3.0%,  -3.0%, -10.0%, -5.0%, +9.1%,  and -6.8%

- Composite Index week/week -0.3%. Previous weeks were  -0.5%, +3.8%, +1.7%, -0.6%, -0.7%, +4.8%, -4.8%, +6.8%, 2.5%, +2.9%, -2.0%, -6.5%, -3.3%, +6.8%, -5.1%, and -0.8%

Refis are +98% year/year.  Purchase applications are +26% year/year,

Source:   Mortgage Bankers Association  Details: https://www.mba.org/2020-press-releases/november/mortgage-applications-decrease-in-latest-mba-weekly-survey-x274076

 

Housing Starts and Permits  (October 2020)

- Starts - Annual Rate    1,530,000. Previous was 1.459,000

- Permits - Annual Rate    1.545,000. Previous was 1.545,000

 

A goal must be to keep starts above the 1.500,000 annual needed to accommodate expanded population and units lost. We were below that from Jan. 2007 to Dec. 2019, went above that for 2 months and then had a COVID crash. 

SRR Starts was +20.6% year/year.

Source:  Census  Details:  https://www.census.gov/construction/nrc/pdf/newresconst.pdf