Markets & Economy

Daily market update: August 25, 2016

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We’ll add more market news briefs throughout the day. Check back to read the latest.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed rate mortgage averaged 3.43 percent with an average 0.6 point.
  • This is unchanged from last week’s rates.
  • A year ago, the 30-year fixed-rate mortgage averaged 3.84 percent.

pmms_chart_lg

Mortgage rates:

 

Home equity rates:

Most recent market news:

Federal Housing Finance Agency’s U.S. house prices for the second quarter of 2016:

  • House prices rose 1.2 percent quarter-over-quarter in the second quarter of 2016.
  • Year-over-year, prices rose 5.6 percent.
  • FHFA’s seasonally adjusted monthly index for June was up 0.2 percent from May.

Mortgage Bankers Association’s Weekly Applications Survey:

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  • Mortgage applications decreased 2.1 percent week-over-week for the week ending August 19, 2016.
  • The average contract interest rate for 30-year fixed-rate mortgages increased to 3.67 percent from 3.64 percent.
  • The refinance share of mortgage activity decreased to 62.4 percent of total applications from 62.6 percent the previous week.

National Association of Realtors’ Existing-Home Sales for July 2016:

  • Total existing-home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June.
  • The median existing-home price for all housing types was $244,100. This is up 5.3 percent from July 2015.
  • Total housing inventory at the end of July was 2.13 million existing available homes for sale, 5.8 percent lower than last year.

July EHS Infographic

Email market reports to press@inman.com.