Headlines from Last Week
- MBA Purchase Applications – Mortgage applications continued to decrease, this time dropping 7.2%.
- Jobless Claims – Initial claims rose from 11,000 to 315,000. Continuing claims rose from 9,000 to 2.487 million.
- Retail Sales – Sales jumped 0.6% in August after a rise of 0.3% in July.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgages moved upward slightly following an increase in bond yields.
30-year fixed-rate mortgages (FRMs) averaged 4.12% with an average 0.5 point for the week ending September 11, 2014, up from last week when they averaged 4.10%. A year ago at this time, 30-year FRMs averaged 4.57%.
15-year FRMs this week averaged 3.26% with an average 0.5 point, up from last week when they averaged 3.24%. A year ago at this time, 15-year FRMs averaged 3.59%.
5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.99% this week with an average 0.5 point, up from last week when they averaged 2.97%. A year ago, 5-year ARMs averaged 3.22%.
1-year Treasury-indexed ARMs averaged 2.45% this week with an average 0.4 point, up from last week when they averaged 2.40%. At this time last year, 1-year ARMs averaged 2.67%.
The Dow Jones Industrial Average dropped 0.1% Friday and closed the week at 17,049.00. The S&P 500 increased 0.1% on the day and ended the week at 1,007.45, while the NASDAQ also rose 0.1% and closed at 4,591.81.
The Week Ahead
Tuesday, September 17
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.
Housing Market Index (10:00 a.m. ET) – The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of present sales of new homes, sales of new homes expected in the next six months, and traffic of prospective buyers in new homes.
Wednesday, September 18
Housing Starts (8:30 a.m. ET) – A housing start is registered at the start of construction of a new building intended primarily as a residential building.
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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