Real Estate Market Recap, Sept 8 to 11th, 2015

Uncategorized — admin @ 5:49 pm

The following is a reprint from Inman and gives us an insight into the market from Sept 8 to Sept 11th 2015.

MBA’s Builder Applications Survey for August 2015:

  • Mortgage applications for new-home purchases decreased by 6 percent month over month in August.
  • Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 percent.
  • New single-family homes were estimated at a seasonally adjusted annual rate of 524,000 units in August, down 1.9 percent from July.

Freddie Mac’s Primary Mortgage Market Survey:

  • 30-year fixed-rate mortgages averaged 3.9 percent with an average 0.6 point for the week ending Sept. 10, 2015. This is up from last week’s 3.89 percent average.
  • 15-year fixed-rate mortgages averaged 3.1 percent this week with an average 0.7 point. This is up from last week’s 3.09 percent average.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.91 percent with an average 0.5 point, down from last week’s 2.93 percent average.

RealtyTrac’s Best Day of the Year to Buy a Home study:

  • The best month to close on a home purchase is October — and the best day of the year to close is Oct. 8.
  • The best weekday to close on a home purchase is Monday.
  • The worst month of the year to close on a home is April.
  • In July 2015, appraiser opinions of home values were 2.33 percent lower than homeowner estimates.
  • This is nearly double the gap between homeowner estimates and appraiser opinions that Quicken noted in May 2015.
  • National housing values dropped by 0.27 percent.