Markets & Economy

Daily market update: September 2, 2016

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

Mortgage rates:

 

Home equity rates:

Most recent market news:

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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  • 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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Email market reports to press@inman.com.