Markets & Economy

Daily market update: September 1, 2016

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

U.S. Census Bureau’s July 2016 Construction Spending:

  • Total construction spending in July was estimated at a seasonally adjusted annual rate of $1.15 trillion.
  • Residential construction was at a seasonally adjusted rate of $445.5 billion in July.
  • This is 0.3 percent above the revised June estimate ($444.0 billion).

Zillow Housing Confidence Index for July 2016:

  • Less than 65 percent of homeowners surveyed said now is a good time to buy.
  • Just 38 percent of renters surveyed said now is a good time to buy a home.
  • Out of every 10 homeowners surveyed, seven said now is a good time to sell a home.

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Freddie Mac’s Primary Mortgage Market Survey:

  • The rates for 30-year fixed-rate mortgages were an average 3.46 percent with an average 0.5 point for the week ending September 1, 2016.
  • Last week, the rate averaged 3.43 percent.
  • A year ago, the rate averaged 3.89 percent.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

National Association of Realtors Pending Home Sales for July 2016:

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  • 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.

 

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.

Email market reports to press@inman.com.