Daily market update: Sept. 10, 2015

Zillow’s Housing Confidence Index:

• Poor-performing housing markets — in terms of year-to-year price appreciation — are likely to see the highest volume of renters who plan to buy.
• Despite better-than-average home value increases, a number of renters in select metros plan to buy.
• Millennials will comprise a significant portion of buyers in poor-performing markets moving forward.

MBA’s Builder Applications Survey for August 2015:

• Mortgage applications for new-home purchases decreased by 6 percent month over month in August.
• Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 percent.
• New single-family homes were estimated at a seasonally adjusted annual rate of 524,000 units in August, down 1.9 percent from July.

Freddie Mac’s Primary Mortgage Market Survey:

• 30-year fixed-rate mortgages averaged 3.9 percent with an average 0.6 point for the week ending Sept. 10, 2015. This is up from last week’s 3.89 percent average.
• 15-year fixed-rate mortgages averaged 3.1 percent this week with an average 0.7 point. This is up from last week’s 3.09 percent average.
• 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.91 percent with an average 0.5 point, down from last week’s 2.93 percent average.

RealtyTrac’s Best Day of the Year to Buy a Home study:

• The best month to close on a home purchase is October — and the best day of the year to close is Oct. 8.
• The best weekday to close on a home purchase is Monday.
• The worst month of the year to close on a home is April.

CoreLogic’s June 2015 distressed sales data:

• Distressed sales comprised 9.4 percent of total home sales nationally in June 2015, down 2.4 percentage points year over year.

• Real estate owned (REO) sales accounted for 6 percent and short sales accounted for 3.4 percent of total home sales in June.

• Florida had the largest share of distressed sales of any state: 21 percent.

Weekly mortgage rates:

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

Yesterday’s market news:

MBA’s Weekly Mortgage Applications Survey for the week ending Sept. 4, 2015:

• Mortgage applications decreased 6.2 percent from one week earlier.
• Refinance activity decreased to 56.9 percent of total applications from 58.7 percent one week earlier.
• The average interest rate for 30-year fixed-rate mortgages increased to 4.1 percent from 4.08 percent one week earlier.

NAR’s New Home Construction/Job Growth research:

• Although some analysts have noted that job market growth is fueling a strong housing market and low foreclosure rates, NAR is concerned that it is also contributing to declines in new home construction.
• The association released a study today that shows the volume of new home construction is underperforming in 146 metropolitan areas that have seen big employment gains.
• Housing shortages and unhealthy price growth exist in many key real estate markets — and low inventory has already been a persistent problem in recent years, NAR said.

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