MetroIntelligence Economic Update by P. DUFFY
Housing starts slip 0.7 percent in October but up 0.4 percent year-on-year
Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,520,000. This is 0.7 percent below the revised September estimate of 1,530,000, but is 0.4 percent above the October 2020 rate of 1,514,000. Single‐family housing starts in October were at a rate of 1,039,000; this is 3.9 percent below the revised September figure of 1,081,000.
Building permits rise 4.0 percent in October and 3.4 percent year-on-year
Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,650,000. This is 4.0 percent above the revised September rate of 1,586,000 and is 3.4 percent above the October 2020 rate of 1,595,000. Single‐family authorizations in October were at a rate of 1,069,000; this is 2.7 percent above the revised September figure of 1,041,000.
Purchase loan apps up 2 percent from previous week, but down 6 percent year-on-year
The Market Composite Index for mortgage applications decreased 2.8 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 2 percent (but down 6 percent year-on-year) and refinance activity falling 5 percent (and down 31 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 3.20 percent.