MetroIntelligence Economic Update by P. DUFFY
Housing starts slip 1.6 percent in September, but up 7.4 percent year-on-year
September housing starts were at a seasonally adjusted annual rate of 1,555,000, down 1.6% from August but up 7.4% year-on-year. Single‐family housing starts were at 1,080,000; this is virtually unchanged from August, while those for buildings with 5+ units fell 5.1%.
Building permits fall 7.7 percent in September, flat year-on-year
September building permits were at a seasonally adjusted annual rate of 1,589,000, down 7.7% from August and flat year-on-year. Single‐family authorizations were at 1,041,000; this is down 0.9% from August, while those for buildings with 5+ units rose 1.0%.
Purchase loan applications fall 5 percent from previous week, down 12 percent year-on-year
The Market Composite Index for mortgage applications decreased 6.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 5 percent (and down 12 percent year-on-year) and refinance activity falling 7 percent (and down 22 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 3.23 percent from 3.18 percent.