We’ll add more market news briefs throughout the day. Check back to read the latest.
RealtyTrac’s “Why Homes Are More Affordable With Home Prices Higher” report:
- Home prices in the first quarter of the year hit their most affordable level in two years.
- The average interest rate on a 30-year fixed rate mortgage dropped 57 basis points, or 13 percent from the first quarter of 2014 to the first quarter of 2015.
- The drop in interest rates — along with wage growth outpacing home price appreciation in 32 percent of counties — meant buying a home in the first quarter required a smaller share of the average wage compared to a year ago.
U.S. Census Bureau’s August 2015 construction report:
- Construction spending during August was estimated at a seasonally adjusted annual rate of $1.09 trillion.
- This is a 13.7 percent increase over August 2014’s estimate of $955 billion.
- From January 2015 to August 2015, construction spending comprised $683.4 billion.
Freddie Mac’s Primary Mortgage Market Survey:
- The rate for 30-year fixed-rate mortgages was 3.85 percent.
- The rate for 15-year fixed-rate mortgages was 3.07 percent.
- The rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was 2.91 percent.
Weekly mortgage rates:
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Yesterday’s market news:
Freddie Mac’s September 2015 Insights & Outlook:
- Home sales this year are expected to be the highest since 2007.
- Low mortgage rates and the decline in unemployment is boosting demand for homes.
- Freddie Mac has increased its estimate of 2015 mortgage originations to $1.53 trillion and 2016 originations to $1.40 trillion.
<a href=’http:&#47;&#47;www.freddiemac.com&#47;finance&#47;ehforecast.html’><img alt=’Total 1-4 Family Mortgage Originations ($ Bil) ‘ src=’http:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Se&#47;September2015Outlook&#47;Homepage&#47;1_rss.png’ style=’border: none’ /></a>
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