Check Inman every day for the daily version of this market roundup.
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Day-by-day market activity
Thursday, March 2
- The 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending March 2, 2017.
- This is down from last week when it averaged 4.16 percent.
- A year ago at this time, the 30-year FRM averaged 3.64 percent.
- Millennial borrowers for new home purchases accounted for 84 percent of closed loans according in January 2017.
- In December, 82 percent of closed mortgages were for new home purchases, up from 77 percent from August through November.
- It took millennials an average 49 days to close on their loans in January, a day longer than in November and December
- More than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in Q4 2016, down 15 percent from the previous quarter but up 2 percent from 2015.
- More than 7.3 million loans were originated in 2016, up 2 percent from 2015 to the highest total since 2013.
- Total dollar volume of loan originations in the fourth quarter increased 8 percent from a year ago to more than $461 billion ($461,291,961,501).
Wednesday, March 1
- Mortgage applications increased 5.8 percent from one week earlier for the week ending February 24, 2017.
- The refinance share of mortgage activity decreased to 45.1 percent of total applications, its lowest level since November 2008, from 46.2 percent the previous week.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.30 percent from 4.36 percent.
- Construction spending during January 2017 was estimated at a seasonally adjusted annual rate of $1,180.3 billion.
- This is 1.0 percent below the revised December estimate of $1,192.2 billion.
- The January figure is 3.1 percent above the January 2016 estimate of $1,144.9 billion.
Tuesday, February 28
- The National Home Price Index increased 5.8 percent year-over-year in December 2016.
- This is the 56th consecutive month of positive gains and the largest since June 2014.
- December was also the sixth consecutive month in which the year-over-year figure increased over the previous month.
- The average interest rate on all mortgage loans was 4.17 percent.
- This is up 26 basis points from 3.91 in December.
- The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.
Monday, February 27
- The Pending Home Sales Index decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016.
- January’s index reading is 0.4 percent above last January, but it is the lowest since then.
- Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.2 percent from 2016 (5.45 million).
- Real house prices increased 6.2 percent between November and December 2016. Compared to December 2015, real house prices increased by 8.0 percent.
- Consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 5.1 percent between November and December 2016, and fell 2.1 percent year-over-year.
- Unadjusted house prices increased by 5.8 percent in December on a year-over-year basis and are 1.5 percent above the housing boom peak in 2007.
- According to the nowcast, February sales will fall between seasonally adjusted annual rates of 5.34 million to 5.69 million, with a targeted number of 5.51 million.
- This is down 3 percent from NAR’s reported January sales yet up 7 percent from a year ago.
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