Markets & Economy

Daily market update: October 20, 2016

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

National Association of Realtors’ Existing-Home Sales Data for September 2016:

  • Existing-home sales were up 3.2 percent in September month-over-month.
  • This was propelled by a 34-percent share of first-time buyers.
  • The median existing-home price for all housing types in September was $234,200.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

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  • Mortgage applications increased 0.6 percent from one week earlier for the week ending Oct. 14, 2016.
  • The refinance share of mortgage activity decreased to 61.5 percent of total applications from 62.4 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.73 percent from 3.68 percent.

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Construction for September 2015:

  • Single-family authorizations in September were at a rate of 739,000, 0.4 percent above August 2016’s revised figures.
  • Single-family housing starts in September were at a rate of 783,000, 8.1 percent above August 2016’s revised figures.
  • Single-family housing completions in September were at a rate of 687,000, 8.8 percent below August 2016’s revised figures.

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Ellie Mae’s Origination Insights Report for September 2016:

  • The average time to close all loans increased to 48 days in September 2016 from 46 days in August 2016.
  • The 30-year note rate declined to 3.750.
  • Closing rates experienced a slight decrease to 71.8 percent.

Email market reports to press@inman.com.