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Daily market update: Oct. 1, 2015

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

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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 ...