Markets & Economy

Daily market update: February 17, 2017

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We’ll add more market news briefs throughout the day. Check back to read the latest.

February 2017 Re/Max Housing News Report:

  • In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales.
  • The median sales price of $208,500 was up 4.3 percent and marked the 10th consecutive month of year-over-year price increases.
  • The new January low of 66 days on market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Freddie Mac’s Primary Mortgage Market Survey:

  • 30-year fixed-rate mortgages (FRM) averaged 4.15 percent with an average 0.5 point for the week ending Feb. 16, 2017.
  • This is down from last week when it averaged 4.17 percent.
  • A year ago at this time, the 30-year FRM averaged 3.65 percent.

Ellie Mae’s Origination Insights Report for January 2017:

  • Closing time for all loans increased slightly in January to 51 days.
  • The average 30-year rate for all loans increased to 4.31 in January, up from 4.05 in December.
  • 69 percent of all closed loans had FICO scores over 700.

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Construction for January 2017:

  • Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,285,000, 4.6 percent above the revised December rate of 1,228,000 and 8.2 percent above the January 2016 rate of 1,188,000.
  • Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,246,000, 2.6 percent below the revised December estimate of 1,279,000, but 10.5 percent above the January 2016 rate of 1,128,000.
  • Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,047,000, 5.6 percent below the revised December estimate of 1,109,000 and 0.9 percent below the January 2016 rate of 1,056,000.

Email market reports to press@inman.com.