AgentBrokerage

Daily market update: Oct. 1, 2015

Our daily summary of market news, updated regularly with new tidbits

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. 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 ...