Mortgage rates plus all the latest real estate market news.

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.

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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.

pmms_chart

Weekly mortgage rates:

Powered by MortgageCalculator.org

Powered by MortgageCalculator.org

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.

Send market reports to press@inman.com.

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