Markets & Economy

Daily market update: September 26, 2016

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U.S. Census Bureau/U.S. Department of Housing & Urban Development New Residential Sales Data for August 2016:

  • Sales of new single-family houses were at a seasonally adjusted rate of 609,000.
  • This is 7.6 percent below the revised July rate of 659,000 but 20.6 percent above the August 2015 estimate: 505,000.
  • The median sales price of new houses sold in August 2016 was $284,000; the average sales price was $353,600.

First American’s Real House Price Index (RHPI) for July 2016:

  • The RHPI decreased 2.1 percent month-over-month in July 2016.
  • This is also a 4.8 percent decrease from July 2015.
  • The four states with the highest year-over-year increases in the RHPI are: Wyoming (+2.5 percent), Michigan (+1.4 percent), Oregon (+0.3 percent) and Nevada (+0.1 percent).

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Black Knight Financial Services July 2016 Home Price Index:

  • The HPI in July 2016 was $266,000.
  • This represents a 0.4 percent increase from last month.
  • One year ago, the HPI was 5.3 percent.

bkfs_hpi_jul2016_us_hi_resMortgage rates:

 

Home equity rates:

Most recent market news:

Ellie Mae’s Origination Insights Report for August 2016:

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  • Closing time for all loans remained 46 days for the third consecutive month, and the time to close refis dropped to 46 days in August.
  • The average 30-year rate for all loans decreased from 3.87 in July to 3.77 in August.
  • 13 percent of closed purchase loans had FICO scores over 800 and 58 percent of closed loans had FICO scores of 700 to 799.

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