Markets & Economy

Daily market update: August 31, 2016

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National Association of Realtors Pending Home Sales for July 2016:

  • The index rose 1.3 percent to 111.3 in July from a downwardly revised 109.9 in June.
  • This represents 1.4 percent growth year-over-year. (July 2015’s reading was 109.8.)
  • All the major regions saw a slight increase in pending home sales, save the Midwest.

Source: National Association of Realtors

Ten-X Residential Real Estate ‘Nowcast’ for August 2016:

  • The “Nowcast” projects existing home sales to stabilize in August.
  • The “Nowcast” predicts existing home sales to fall between seasonally adjusted annual rates of 5.35 and 5.71 million.
  • This is a 2.5 percent increase from July and a 4.1 year-over-year increase.

First American Financial Corporation’s July 2016 Loan Application Defect Index:

  • The First American Loan Application Defect Index decreased 2.8 percent in July as compared with June.
  • The index decreased 16.7 percent as compared with July 2015.
  • The index is down 31.4 percent from the high point of risk in October 2013.

 

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Freddie Mac’s Multi-Indicator Market Index (MiMi) for June 2016:

  • This month, the MiMi was 85.0.
  • This is up 0.08 percent month-over-month.
  • Year-over-year, the MiMi is up 5.76 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

S&P/Case-Shiller Home Price Indices for June 2016:

  • The home price index rose by 5.1 percent from June 2015 to June 2016.
  • This year-over-year price gain is unchanged from last month.
  • Month-over-month, the index rose 1.0 percent (unadjusted).

Screen Shot 2016-08-30 at 7.39.43 AM

Federal Finance Housing Agency’s mortgage rates for July 2016:

  • The national average contract mortgage rate for previously occupied homes by combined lenders was 3.62 percent for loans closed in late July.
  • The average interest rate on all mortgage loans was 3.63 percent.
  • The average loan amount was $325,700, down from $333,900 in June.

National Average Contract Mortgage Rate for Previously Occupied Homes through July 2016

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