Check Inman every day for the daily version of this market roundup.
Weekly mortgage rates:
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Thursday, Oct. 1:
- 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.
- 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.
- 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.
Wednesday, Sept. 30:
- 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.
Tuesday, Sept. 29:
- Cash sales comprised 31.3 percent of total home sales in June 2015, down from 33.9 percent year-over-year.
- Cash shares fell by 0.7 percentage points in June 2015 compared with May 2015.
- Prior to the great recession, cash sales share of total home sales averaged about 25 percent.
- The national median list price is $230,000, down 1 percent over August 2015 and up 6 percent year-over-year.
- The median age of inventory is now 80 days, up 6.7 percent from August 2015 but down 5 percent year-over-year.
- Eleven California cities appear on the list of the 20 hottest markets in the U.S.
- The index rose 4.7 percent year-over-year in July 2015.
- The national index rose 0.7 percent month-over-month in July.
- San Francisco, Denver and Dallas reported the highest year-over-year gains with 10.4 percent, 10.3 percent and 8.7 percent price increases, respectively.
- Existing home sales are up 1.7 percent from August 2015 and 5.9 percent from September 2014.
- Sales prices for existing homes will fall between $216,372 and $239,148 in September, with a targeted price of $227.760.
- This represents an 8.9 percent year-over-year increase.
- Interest rates on conventional mortgages decreased from July to August.
- The average interest rate on all mortgage loans was 3.99 percent, down from 4.01 percent in July.
- The average interest rate on conventional 30-year fixed-rate mortgages of $417,000 or less was 4.20 percent, unchanged from July.
Monday, Sept. 28:
- Fannie Mae and Freddie Mac completed 63,593 foreclosure prevention actions in the second quarter (Q2) of 2015.
- The real estate-owned inventory for both government-sponsored enterprises declined 14 percent during Q2.
- The number of 60-plus-day delinquent loans declined 6 percent during Q2.
- Pending home sales decreased 1.4 percent to 109.4 in August 2015 from July 2015.
- Pending home sales are still up 6.1 percent year-over-year.
- The national median existing-home price is expected to increase 5.8 percent in 2015 to $220,300.
- U.S. home prices were up 0.4 percent month-over-month in July 2015.
- They were up 5.3 percent year-over year.
- This is 5.5 percent below the June 2006 market peak.
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