Daily market update: September 1, 2016

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

U.S. Census Bureau’s July 2016 Construction Spending:

• Total construction spending in July was estimated at a seasonally adjusted annual rate of $1.15 trillion.
• Residential construction was at a seasonally adjusted rate of $445.5 billion in July.
• This is 0.3 percent above the revised June estimate ($444.0 billion).

Zillow Housing Confidence Index for July 2016:

• Less than 65 percent of homeowners surveyed said now is a good time to buy.
• Just 38 percent of renters surveyed said now is a good time to buy a home.
• Out of every 10 homeowners surveyed, seven said now is a good time to sell a home.

Freddie Mac’s Primary Mortgage Market Survey:

• The rates for 30-year fixed-rate mortgages were an average 3.46 percent with an average 0.5 point for the week ending September 1, 2016.
• Last week, the rate averaged 3.43 percent.
• A year ago, the rate averaged 3.89 percent.

Mortgage rates:

[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

 

Home equity rates:

[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]

[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]

Most recent market news:

National Association of Realtors Pending Home Sales for July 2016:

• The index rose 1.3 percent to 111.3 in July from a downwardly revised 109.9 in June.
• This represents 1.4 percent growth year-over-year. (July 2015’s reading was 109.8.)
• All the major regions saw a slight increase in pending home sales, save the Midwest.

Ten-X Residential Real Estate ‘Nowcast’ for August 2016:

• The “Nowcast” projects existing home sales to stabilize in August.
• The “Nowcast” predicts existing home sales to fall between seasonally adjusted annual rates of 5.35 and 5.71 million.
• This is a 2.5 percent increase from July and a 4.1 year-over-year increase.

First American Financial Corporation’s July 2016 Loan Application Defect Index:

 

Freddie Mac’s Multi-Indicator Market Index (MiMi) for June 2016:

• This month, the MiMi was 85.0.
• This is up 0.08 percent month-over-month.
• Year-over-year, the MiMi is up 5.76 percent.

Email market reports to press@inman.com.