MetroIntelligence Economic Update by P. DUFFY
Building permits up 0.7 percent in December and 0.8 percent year-on-year
Privately?owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,899,000. This is 0.7 percent above the revised December rate of 1,885,000 and is 0.8 percent above the January 2021 rate of 1,883,000. Single?family authorizations in January were at a rate of 1,205,000; this is 6.8 percent above the revised December figure of 1,128,000.
Housing starts fall 4.1 percent in January but up 0.8 percent year-on-year
Privately?owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000. This is 4.1 percent below the revised December estimate of 1,708,000, but is 0.8 percent above theJanuary 2021 rate of 1,625,000. Single?family housing starts in January were at a rate of 1,116,000; this is 5.6 percent below the revised December figure of 1,182,000.
Purchase loan apps up 1 percent from previous week, but down 7 percent year-on-year
The Market Composite Index for mortgage apps decreased 5.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1 percent (but down 7 percent year-on-year) and refinance activity falling 9 percent (and down 54 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 4.05 percent from 3.83 percent.