Markets & Economy

Daily market update: October 3, 2016

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

U.S. Census Bureau/U.S. Department of Commerce’s August 2016 construction data:

  • Construction spending during August 2016 was estimated at a seasonally adjusted annual rate of $1,142.2 billion.
  • This is 0.7 percent below the revised July estimate of $1,150.6 billion.
  • This is also 0.3 percent below the August 2015 estimate of $1,145.2 billion.

Black Knight Financial Services’ Mortgage Monitor for August 2016:

  • The national delinquency rate fell by just over 6 percent month-over-month in August 2016.
  • Delinquencies were at 4.24 percent in August 2016.
  • The inventory of loans in active foreclosure continued its 19-month consecutive downward trend.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

National Association of Realtors Pending Home Sales Index (PHSI) for August 2016:

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  • The index declined 2.4 percentage points to 108.5 in August from July.
  • The index was 0.2 percent lower in August 2016 than August 2015 (108.7).
  • The index is currently at its second-lowest reading in 2016, after January (105.4).

Ten-X Residential Real Estate Nowcast:

  • September sales will fall between seasonally adjusted annual rates of 5.1 million and 5.44 million.
  • This is down 1.2 percent from August.
  • This is also down 5.1 percent from one year ago.
  • The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending September 29, 2016.
  • This is down from last week, when it averaged 3.48 percent.
  • One year ago, the 30-year FRM averaged 3.85 percent.

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Email market reports to press@inman.com.