- 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.
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%.
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.
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