Daily market update: September 21, 2016

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Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 7.3 percent from one week earlier.
  • The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.70 percent from 3.67 percent week-over-week.

Mortgage rates:

 

Home equity rates:

Most recent market news:

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s August 2016 New Residential Construction:

  • Single-family housing unit authorizations in August were at a rate of 737,000, 3.7 percent above July 2016.
  • Single-family housing starts in August were at a rate of 722,000, this is 6.0 percent below July.
  • Single-family housing completions in August were at a rate of 752,000; 0.3 percent below July.

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First American’s Potential Home Sales Model for August 2016:

  • The market for existing-home sales is underperforming its potential by 5.6 percent.
  • In August, the market potential for existing-home sales grew 1.08 percent month-over-month.
  • Potential existing-home sales increased to 5.78 million, 91.9 percent above the December 2008 market bottom.

Email market reports to press@inman.com.