Markets & Economy

Daily market update: March 16, 2017

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

Attom Data Solutions Foreclosure Activity for February 2017:

  • Overall foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005.
  • States with a year-over-year increase included New Jersey (up 16 percent); Delaware (up 14 percent); Louisiana (up 12 percent); Alabama (up 10 percent); and Hawaii (up 8 percent).
  • Three of the nation’s 20 largest metro areas posted year-over-year increases in foreclosure activity: Houston (up 97 percent from an abnormally low Feb 2016); San Francisco (up 25 percent); and New York (up 9 percent).

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

  • Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,213,000, 6.2 percent below the revised January rate but is 4.4 percent above the February 2016 rate.
  • Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,288,000, 3.0 percent above the revised January estimate and is 6.2 percent above the February 2016 rate.
  • Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,114,000, 5.4 percent above the revised January estimate and 8.7 percent above the February 2016 rate.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 4.30 percent with an average 0.5 point for the week ending March 16, 2017.
  • This is up from last week when it averaged 4.21 percent.
  • A year ago at this time, the 30-year FRM averaged 3.73 percent.

Mortgage rates:

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 3.1 percent from one week earlier for the week ending March 10, 2017.
  • The refinance share of mortgage activity increased to 45.6 percent of total applications from 45.4 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since April 2014, 4.46 percent, from 4.36 percent.

Ellie Mae’s Origination Insights Report for February 2017:

  • Home loans for purchases increased to 57 percent in February, up from 53 percent in January.
  • The average time to close all loans decreased to 46 days in February, down from 51 days in January.
  • Average FICO scores dropped with the average FICO score on all closed loans at 720.

Email market reports to [email protected].

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