- Existing Home Sales – Sales decreased 1.8% in August to a lower-than-expected annual rate of 5.05 million. Year-on-year, sales are down 5.3%.
- FHFA House Price Index – Home price appreciation decelerated according to the FHFA, with a rise of 0.1% in July.
- New Home Sales – August was a great month for New Home Sales, which surged 18%.
- Jobless Claims – Initial claims rose 12,000 and continuing claims rose 7,000.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates decreased slightly, a week after making their biggest one-week gain of the year.
30-year fixed-rate mortgages (FRMs) averaged 4.20% with an average 0.5 point for the week ending September 25, 2014, down from last week when they averaged 4.23%. A year ago at this time, 30-year FRMs averaged 4.32%.
15-year FRMs this week averaged 3.36% with an average 0.5 point, down from last week when they averaged 3.37%. A year ago at this time, 15-year FRMs averaged 3.37%.
5-year Treasury-indexed hybrid adjustable rate mortgages (ARMs) averaged 3.08% this week with an average 0.4 point, up from last week when they averaged 3.06%. A year ago, 5-year ARMs averaged 3.07%.
1-year Treasury-indexed ARMs averaged 2.43% this week with an average 0.4 point, unchanged from last week. At this time last year, 1-year ARMs averaged 2.63%.
The S&P 500 dropped 0.1% to 1,980.73 last week, while the Dow Jones Industrial Average fell 22.55 points (0.1%) to 17,090.60. The NASDAQ remained unchanged from last week.
The Week Ahead
Monday, September 29
Pending Home Sales Index (10:00 a.m. ET) – The National Association of REALTORS developed the pending home sales index as a leading indicator of housing activity. Specifically, it is a leading indicator of existing home sales, not new home sales.
Tuesday, September 30
S&P Case-Shiller HPI (9:00 a.m. ET) – The S&P Case-Shiller home pricing index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S.
Wednesday, October 1
MBA Purchase Applications (7:00 a.m. ET) – The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Thursday, October 2
Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.
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