Quicken Loans Market Update - Zing BlogHeadline News

  • Pending Home Sales – Pending sales dropped 1.0% in August despite the Econoday consensus predicting they would gain 0.8%.
  • S&P Case-Shiller HPI – Home prices contracted sharply in July, dropping 0.5%. This marks the third straight decline and the steepest monthly decline dating back to November 2011.
  • MBA Purchase Applications – The purchase index remained unchanged while the refinance index dropped 0.3%.
  • Jobless Claims – Initial claims fell 8,000 to 287,000, while continuing claims decreased 45,000 to a new recovery low of 2.398 million.

Mortgage Rates

According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates remained flat to slightly down amid positive data on GDP, but mixed housing reports.

30-year fixed-rate mortgages (FRMs) averaged 4.19% with an average 0.4 point for the week ending October 2, 2014, down from last week when they averaged 4.20%. A year ago at this time, 30-year FRMs averaged 4.22%.

15-year FRMs this week averaged 3.36% with an average 0.5 point, unchanged from last week. A year ago at this time, 15-year FRMs averaged 3.29%.

5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 3.06% this week with an average 0.5 point, down from last week when they averaged 3.08%. A year ago, 5-year ARMs averaged 3.05%.

1-year Treasury-indexed ARMs averaged 2.42% this week with an average 0.4 point, down from last week when they averaged 2.43%. At this time last year, 1-year ARMs averaged 2.64%.

Equity Market

All three of the major indexes ended the week in red. The Dow Jones Industrial Average dropped 103.46, while the S&P 500 fell 14.95 and the NASDAQ decreased 36.57 for the week.

The Week Ahead

Wednesday, October 8

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 9

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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