Markets & Economy

Daily market update: October 27, 2016

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

National Association of Realtors Pending Home Sales for September 2016:

  • Pending home sales grew to 110.0 in September 2016.
  • This is 2.4 percent higher than September 2015.
  • It also indicates a 1.5 percent growth from August 2016.

Freddie Mac’s Primary Mortgage Market Rate Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 27, 2016.
  • This is down 5 basis points from 3.52 percent last week.
  • A year ago at this time, the 30-year FRM averaged 3.76 percent.

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Federal Housing Finance Agency’s September 2016 Mortgage Interest Rate Indices:

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  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.61 percent for loans closed in late September, up 3 basis points from 3.58 percent in August.
  • The average interest rate on all mortgage loans was 3.60 percent, up 1 basis point from 3.59 in August.
  • The average loan amount for all loans was $302,900 in September, down $19,800 from $322,700 in August.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 4.1 percent from one week earlier for the week ending October 21, 2016.
  • The refinance share of mortgage activity increased to 62.7 percent of total applications from 61.5 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.71 percent from 3.73 percent.

Freddie Mac’s Multi-Indicator Market Index (MiMi) August 2016:

  • The national MiMi stands at 85.7.
  • This is a 1.05 percent improvement from July to August.
  • Year over year, the national MiMi improved 5.44 percent.

U.S. Census Bureau and Department of Housing and Urban Development’s New Residential Sales for September 2016:

  • Sales of new single-family houses in September 2016 were at a seasonally adjusted annual rate of 593,000.
  • This is 3.1 percent above the revised August rate of 575,000 and 29.8 percent above the September 2015 estimate.
  • The median sales price of new houses sold in September 2016 was $313,500; the average sales price was $377,700.

Email market reports to press@inman.com.