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Weekly mortgage rates:
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Thursday, Sept. 10:
- 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.
- 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.
- 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.
- 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.
- 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.
Wednesday, Sept. 9:
- 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.
- 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.
Tuesday, Sept. 8:
- Foreclosure inventory declined by 27.9 percent year over year in July 2015.
- Completed foreclosures declined by 24.4 percent year over year in July 2014.
- The number of foreclosures nationwide decreased year over year from 50,000 in July 2014 to 38,000 in July 2015.
- Total home equity in the U.S. increased by almost $1 trillion to its highest level since 2007.
- Total net equity is $7.6 trillion, almost 2.5 times more than it was at the end of 2011.
- The average American homeowner with a mortgage has about $19,000 more equity in the home than a year ago.
- In July 2015, appraiser opinions of home values were 2.33 percent lower than homeowner estimates.
- This is nearly double the gap between homeowner estimates and appraiser opinions that Quicken noted in May 2015.
- National housing values dropped by 0.27 percent.
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