Housing Starts Hit 2023 High

Housing starts, which had risen modestly in September and October, soared last month, topping 1.5 million units for the first time in 2023 . The U.S. Census Bureau and the Department of Housing and Urban Development said construction began during the month at a seasonally adjusted annual rate of 1.560 million residential units. This was an increase of 14.8 percent from October’s rate of 1.359 million units. The November starts also topped those in November 2022 by 9.3 percent and were significantly higher than the consensus forecasts of both Econoday and Trading Economics at 1.360 million units. Construction started on single-family houses at an annual rate of 1.143 million units, an increase of 18.0 percent month-over-month and a whopping increase of 42.2 percent from the prior November. Multifamily starts rose 8.9 percent to 404,000 units, 33.7 percent fewer than a year earlier. Starts totaled 120,500 on an unadjusted basis, up from 113,700 in October. There were 86,100 single-family home starts compared to 80,800 the prior month. [housingchartall] Construction permits retreated from their October level. Units were authorized at an annual rate of 1.460 million units, a 2.5 percent decline from September but 4.1 percent higher on an annual basis. Single-family permits rose 0.7 percent to 976,000 annual units, 22.8 percent higher than in November 2022, while multifamily permits were down 9.6 percent and 21.3 percent from the two earlier periods. [housingpermitschart]

December 19, 2023 Download our Mobile App: Download our Mobile App: Housing News Housing Starts Hit 2023 High Housing starts, which had risen modestly in September and October, soared last month, topping 1.5 million units for the first time in 2023 . The U.S. Census Bureau and the Department of Housing and Urban Development said construction began during th... (read more) Mortgage Rate Watch Mortgage Rates Sharply Sideways When is interest rate momentum flatter than you can possibly imagine? Today. We only break out the sarcastic and paradoxical juxtaposition of "sharply sideways" when things have really ground to a halt and with each of the past 3 days falling ... (read more) MBS Commentary Late December Sticking to The Script Late December Sticking to The Script The baseline is "boring" when it comes to Thanksgiving week and the 2nd half of December. Things don't always go according to those plans, but bonds are sticking ... (read more) Rob Chrisman PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.64% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.64% -0.01 0.00 15 Yr. Fixed 6.13% -0.02 0.00 30 Yr. FHA 6.11% -0.01 0.00 30 Yr. Jumbo 7.03% -0.01 0.00 5/1 ARM 6.24% -0.01 0.00 30 Yr. VA 6.11% -0.02 0.00 Updates Daily - Last Update: 12/19 15 Yr. Fixed Rate 6.13% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.95% -0.08 0.00 15 Yr. Fixed 6.38% +0.09 0.00 Updates Weekly - Last Update: 12/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.07% -0.10 0.59 15 Yr. Fixed 6.67% -0.13 0.58 30 Yr. Jumbo 7.22% -0.13 0.37 Updates Weekly - Last Update: 12/13 MBS / Treasuries UMBS 30YR 5.5 100.23 +0.05 Price / Yield Change MBS UMBS 5.5 100.23 +0.05 UMBS 6.0 101.38 -0.06 GNMA 5.5 100.47 -0.09 GNMA 6.0 101.38 -0.09 Pricing as of: 12/19 5:31PM EST 10 Year US Treasury 3.9330 -0.0020 Price / Yield Change US Treasury 2 YR Treasury 4.444 -0.007 5 YR Treasury 3.941 +0.008 7 YR Treasury 3.963 +0.003 10 YR Treasury 3.933 -0.002 30 YR Treasury 4.040 -0.008 Pricing as of: 12/19 5:31PM EST Latest Video Compass CEO: Next year will be a very good year for housing Builders are preparing for a more normal spring selling season, says Deutsc... Holiday spending on the rise despite weak consumer sentiment, CNBC economic... Chicago Fed President Austan Goolsbee: We've seen significant improvement o... Around the Web Marketwatch Fed's dovish pivot is big gamble that's likely fail, says former top New York Fed official Marketwatch Barkin says Fed makes 'good progress' on taming inflation, but too early to talk rate cuts CNBC Only 60% of student loan borrowers made payments when bills restarted Calculated Risk Blog Housing Starts Increased to 1.560 million Annual Rate in November CNBC Online shopping for holidays exceeds 2020 pandemic high, CNBC economic survey shows CNBC Fed's Goolsbee says he was 'confused' by last week's market reaction Reuters Fed's Bostic: No 'urgency' for rate cuts Eye on Housing Builder Sentiment Rises on Falling Interest Rates CNBC Treasury yields down slightly as recent trend continues Realtor.com The Very Best Advice Homeowners Heard in 2023: Do You Know It All? Calculated Risk Blog Early Read on Existing Home Sales in November; Treasury and MBS Yields: There and Back Again Eye on Housing Immigrant Share in Construction Highest on Record Calculated Risk Blog NAHB: Builder Confidence Increased in December

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