Quicken Loans Market Update - Zing BlogHeadline News from Last Week

  • 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.

Mortgage Rates

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%.

Equity Market

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.

Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.

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