Real Estate Daily Market Update: September 29, 2016

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National Association of Realtors Pending Home Sales Index (PHSI) for August 2016:

The index declined 2.4 percentage points to 108.5 in August from July.
The index was 0.2 percent lower in August 2016 than August 2015 (108.7).
The index is currently at its second-lowest reading in 2016, after January (105.4).

September sales will fall between seasonally adjusted annual rates of 5.1 million and 5.44 million.
This is down 1.2 percent from August.
This is also down 5.1 percent from one year ago.

Freddie Mac’s Primary Mortgage Market Survey:

The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending September 29, 2016.
This is down from last week, when it averaged 3.48 percent.
One year ago, the 30-year FRM averaged 3.85 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:

ProTeck’s Home Value Forecast for August 2016:

In July, nearly 70 percent of the core-based statistical areas (CSBAs) tracked were listed as “normal” or above.
In August, that number rose to more than 76 percent.
Only 1.4 percent of CBSAs tracked came in at “weak” or “distressed” in August.

S&P/CoreLogic/Case-Shiller Home Price Indices for July 2016:

There was a 5.1 percent annual gain in July.
This is higher than the June 2016 gain of 5.0 percent.
The 20-City Composite reported year-over-year gains of 5.0 percent, down from June’s 5.1 percent.

CoreLogic MarketPulse Report covering July 2016 data:

The home price index rose 6 percent year-over-year in July 2016.
The share of homes with negative equity in Q2 2016 was 7.1 percent.
The share of homes sold that were classified as “distressed” was 7.8 percent.

Mortgage Bankers Association’s Weekly Applications Survey:

Mortgage applications decreased 0.7 percent from one week earlier on a seasonally adjusted basis, and decreased 1 percent on an unadjusted basis.
The refinance share of mortgage activity decreased to 62.7 percent of total applications from 63.1 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.66 percent from 3.70 percent, with points decreasing to 0.33 from 0.38.

Freddie Mac’s Multi-Indicator Mortgage Index (MiMi) for July 2016:

The national MiMi is at 85.1 percent, unchanged from June 2016.
On a year-over-year basis, the July MiMi improved 4.70 percent.
Since the October 2010 all-time low, the national MiMi has rebounded 43 percent.

Email market reports to press@inman.com.