Daily market update: Sept. 11, 2015

Inman

9 years ago

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Weekly mortgage rates:

We’ll add more market news briefs throughout the day. Check back to read the latest.

Yesterday’s market news:

Zillow’s Housing Confidence Index:

Poor-performing housing markets — in terms of year-to-year price appreciation — are likely to see the highest volume of renters who plan to buy.
Despite better-than-average home value increases, a number of renters in select metros plan to buy.
Millennials will comprise a significant portion of buyers in poor-performing markets moving forward.

Mortgage applications for new-home purchases decreased by 6 percent month over month in August.
Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 percent.
New single-family homes were estimated at a seasonally adjusted annual rate of 524,000 units in August, down 1.9 percent from July.

30-year fixed-rate mortgages averaged 3.9 percent with an average 0.6 point for the week ending Sept. 10, 2015. This is up from last week’s 3.89 percent average.
15-year fixed-rate mortgages averaged 3.1 percent this week with an average 0.7 point. This is up from last week’s 3.09 percent average.
5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.91 percent with an average 0.5 point, down from last week’s 2.93 percent average.

The best month to close on a home purchase is October — and the best day of the year to close is Oct. 8.
The best weekday to close on a home purchase is Monday.
The worst month of the year to close on a home is April.

Distressed sales comprised 9.4 percent of total home sales nationally in June 2015, down 2.4 percentage points year over year.
Real estate owned (REO) sales accounted for 6 percent and short sales accounted for 3.4 percent of total home sales in June.
Florida had the largest share of distressed sales of any state: 21 percent.

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