Construction Stats Improve, Multifamily Plays Leading Role

It didn’t approach the levels of the “good old days” of 2020 and 2021, but construction activity did show signs of life last month. The U.S. Census Bureau and the Department of Housing and Urban Development reported that both housing permit activity and residential construction starts rose sharply in February after a fairly lackluster performance in January. As in January, however, credit was largely due to multifamily construction. Permits for residential housing units were issued at a seasonally adjusted annual rate of 1.524 million units in February compared to 1.339 million in January. This was an increase of 13.8 percent. The figure, however, remains 17.9 percent lower than the February 2022 rate of 1.857 million units. The rate of permitting for single-family houses rose 7.6 percent to 777,000 units while multifamily permits were 24.3 percent higher at 560,000 units. Single-family permits were down 35.5 percent year-over-year, but the multifamily rate gained 16.9 percent on an annual basis. Prior to adjustment, the report puts the number of permits issued in February at 109,500 of which 58,200 were for single-family houses. The respective January numbers were 101,000 and 53,100. Permitting rose in three of the four major regions in February. The Midwest’s rate increased 9.6 percent, the South’s rose 10.9 percent, and permitting shot up 30 percent in the West. The Northeast was the outlier with a 2.8 percent decline. All regions performed well below their February 2022 levels, with deficits ranging from 11.4 percent in the South to 42.5 percent in the Northeast.

March 16, 2023 Download our Mobile App: Download our Mobile App: Housing News Construction Stats Improve, Multifamily Plays Leading Role It didn’t approach the levels of the “good old days” of 2020 and 2021, but construction activity did show signs of life last month. The U.S. Census Bureau and the Department of Housing and Urban Development reported that both housing permit activity ... (read more) MBS Commentary Bank Lifelines Lead Bond Market Reversal Bank Lifelines Lead Bond Market Reversal Financial markets continue feeling out prospects for global banking contagion. Yesterday was a more fearful day, so bonds rallied. Today was a more hopeful... (read more) Mortgage Rate Watch Mortgage Rates Start Lower, But Then Jump Higher In The Afternoon Mortgage rates are ideally determined only once per day, several hours into the business day. This gives mortgage lenders time to observe a baseline for trading levels in the bonds determine what they can charge. But those bonds trade all... (read more) Rob Chrisman Co-issue, eNote, Correspondent, Cust. Experience Tools; CFPB News; FHFA Delays DTI Shift; Bank News and MBS Prices Have to buy something for someone in your life who has everything? If they’re a basketball fan, how about food smoked with the same type of wood used by NCAA basketball courts? News can be thrown at our biz has no rhyme or reason. Yesterday was one o... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.69% +0.14% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.69% +0.14 0.00 15 Yr. Fixed 6.10% +0.10 0.00 30 Yr. FHA 6.20% +0.08 0.00 30 Yr. Jumbo 6.20% +0.05 0.00 5/1 ARM 6.12% 0.00 0.00 30 Yr. VA 6.25% 0.00 0.00 Updates Daily - Last Update: 3/16 15 Yr. Fixed Rate 6.10% +0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 6.60% -0.13 0.00 15 Yr. Fixed 5.90% -0.05 0.00 Updates Weekly - Last Update: 3/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.71% -0.08 0.79 15 Yr. Fixed 6.14% -0.11 0.77 30 Yr. Jumbo 6.39% -0.10 0.61 Updates Weekly - Last Update: 3/15 MBS / Treasuries UMBS 30YR 5.5 100.44 -0.25 Price / Yield Change MBS UMBS 5.5 100.44 -0.25 UMBS 6.0 101.47 -0.27 GNMA 5.5 100.89 -0.08 GNMA 6.0 101.34 -0.19 Pricing as of: 3/16 5:31PM EST 10 Year US Treasury 3.5830 +0.1207 Price / Yield Change US Treasury 2 YR Treasury 4.163 +0.271 5 YR Treasury 3.742 +0.179 7 YR Treasury 3.697 +0.158 10 YR Treasury 3.583 +0.121 30 YR Treasury 3.707 +0.058 Pricing as of: 3/16 5:31PM EST Latest Video Lack of affordable housing has created a surge in rentals, says Nest Seeker... Here's why some investors think the Fed will change its rate hike plans Bloomberg reports First Republic Bank is weighing options, including a sale Former Fed governor: Foundation of the banking system today is much safer t... Around the Web The Basis Point First Republic for sale, maybe. Won’t be first time. fhfa FHFA Rethinking Controversial Debt-To-Income Loan Pricing Adjustment CNBC Yellen says U.S. banking system is 'stable' and deposits 'remain safe' following failure of SVB, Signature CNBC European Central Bank raises rates by another 50 basis points despite market turmoil Eye on Housing Single-Family Starts Remain Lackluster but Will Rebound Later This Year CNBC First Republic falls 25% as regional bank stocks continue to sink Calculated Risk Blog Housing Starts Increased to 1.450 million Annual Rate in February Calculated Risk Blog February Housing Starts: Average Length of Time from Start to Completion increased Sharply in 2022 Calculated Risk Blog Hotels: Occupancy Rate Down 7.5% Compared to Same Week in 2019 Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 192,000 CNBC Swiss National Bank says it will provide Credit Suisse with liquidity if necessary CNBC Treasury yields mixed as investors assess stock market outlook CNBC Credit Suisse shares soar 30% on Swiss National Bank loan announcement

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