Here’s the latest market news, summarized and recapped:
- Yesterday’s average 30-year fixed mortgage rate: 4.01 percent
- The average rate on a 30-year fixed-rate mortgage rose to 4.29 percent in July 2015, up from 4.12 percent in June.
- 66.2 percent of loan applications closed in July, the highest level since Ellie Mae began tracking this data in August 2011.
- The average FICO score on closed loans fell for the third consecutive month to 725, which is its lowest level since February 2014.
- Mortgage refinance activity increased to 55.5 percent of total applications from 53.1 percent the previous week.
- The adjustable-rate mortgage (ARM) share of activity increased to 6.9 percent of total applications.
- The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.88 percent, its lowest level since May 2015.
- New home starts fell slightly in July from June, but they were still 10.1 percent higher than in July 2014.
- At 1.2 million, new home starts are still at historically low levels.
- Permits posted also showed a monthly decline of 6.3 percent but a year-over-year growth of 7.5 percent.
- Completed transactions in July 2015 were 3.2 percent lower than June 2015 but 11.3 percent higher than sales in July 2014.
- Home prices have risen for 42 consecutive months, year over year.
- Median price for homes sold in July was $215,000, and inventory was down 1 percent from June 2015.
Monday’s daily mortgage averages:
- 30-year fixed: 4.00 percent
- Friday: 3.90 percent
- 15-year fixed: 3.03 percent
- Friday: 3.03 percent
- 1-year adjustable-rate: 2.62 percent
- Friday: 2.62 percent
We’ll add more market news briefs throughout the day. Check back to read the latest.
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