Daily market update: Aug. 19, 2015

Here’s the latest market news, summarized and recapped:

• Yesterday’s average 30-year fixed mortgage rate: 4.01 percent

Ellie Mae’s July origination insight report showed:

• 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.

MBA’s refinance applications report:

• 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.

From yesterday:

Trulia’s analysis of U.S. Census Bureau new home construction statistics:

• 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.

Re/Max’s monthly housing report for July 2015:

• 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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