Mortgage rates plus all the latest real estate market news.
- Residential construction spending increased on a monthly basis by 1.1 percent bringing it to a seasonally adjusted annual rate of $380.8 billion in July.
- Residential construction spending increased in July 2015 by 15.8 percent over July 2014.
- New residential multi-family construction decreased on a monthly basis by 2.2 percent but increased annually in July by 21.2 percent.
30-year fixed mortgages according to Zillow Mortgage Rate Ticker:
- The 30-year fixed mortgage rate is currently up eight basis points from last week to 3.75 percent.
- The 15-year fixed home loan is currently 2.92 percent.
- The biggest change in mortgage rates was 10 basis points in Florida bringing the current 30-year fixed rate to 3.81 percent.
National Mortgage Rates
National Home Loan Rates
We’ll add more market news briefs throughout the day. Check back to read the latest.
Yesterday’s market news:
Freddie Mac released its August Insight & Outlook report:
- 2015 mortgage originations estimates have been increased to $1.45 trillion and 2016 originations to $1.3 trillion.
- 2015 is expected to be the best year yet with an increase home sales projection of 5.73 million units.
- The cash-out share in the second quarter of 2015 rose to 34 percent from 27 percent in the first quarter of the year.
Auction.com released its latest Real Estate Nowcast:
- August home sales are projected to fall between seasonally adjusted annual rates of 5.46 million and 5.86 million units.
- This projected rate puts August home sales 1 percent above July 2015 rates and 12.9 percent above July 2014.
- The median sales price is expected to drop to $230,666 nationwide.
- Nationwide home prices (including distressed sales) increased by 6.9 percent in July 2015 on a year-over-year basis.
- Colorado, Florida, Hawaii, Nevada, New York, Oregon, South Carolina, South Dakota, Texas and Washington saw its growth match or surpass the nation’s annual price growth, which was 6.9 percent.
- Home prices nationwide increased by 1.7 percent in July 2015 over the June 2015 numbers.
Metrostudy’s survey of the San Francisco Bay Area real estate market:
- In the second quarter of 2015, both quarterly new-home starts and the number of closings increased by 11 percent over the same quarter of 2014.
- 25 percent of new-home starts were in the $1 million or higher range, causing 61 percent more people to rent now than in 2010.
- Annualized new-home starts are down by 4 percent compared to the second quarter of 2014.
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