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.

image007

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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Las Vegas is back! A limited number of presale tickets are on sale now. Register today before they're gone.REGISTER×
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription