Daily market update: Oct. 5, 2015

Inman

9 years ago

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New York, Vermont and Minnesota were the most energy-efficient states.
Texas, Louisiana and South Carolina were the least energy-efficient states.
WalletHub measured the consumption of home and car energy in 48 states; Alaska and Hawaii were excluded from this analysis.

Carrboro, North Carolina; Hoboken, New Jersey; West Hollywood, California were the top three cities for singles.
Oxford, Mississippi; San Marcos, Texas; Ypsilanti, Michigan; and Ames, Iowa were ranked 4 through 7.
Miami Beach, Florida; Athens, Georgia; and Moscow, Idaho took spots 8 through 10.

Cash-out refinances were up 68 percent year-over-year in August 2015.
The average borrower was tapping $67,000 in equity.
Though they’re at the highest volume since 2010, cash-out refinances were still almost 80 percent below 2005 peak levels.

Weekly mortgage rates:

Last week’s most recent market news:

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.

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.

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.

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