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
Friday, March 17
- February 2017 home sales were down 0.02 percent from February 2016.
- Active inventory reached a record low for February, dropping 17.9 percent year-over-year. Average days on market dropped from 75 in February 2016 to 68 in February 2017.
- The median sales price was $212,000, up 6 percent year-over-year.
Thursday, March 16
- 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).
- 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.
- 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.
Wednesday, March 15
- 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.
- 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.
Tuesday, March 14
- 2.6 percent of all mortgages were in serious delinquency (90+ days past due and in foreclosure) in December 2016.
- This represents about 1 million homes.
- The peak serious delinquency involved 3.7 million homes in 2010.
- Mortgage applications for new home purchases increased 2.2 percent compared to February 2016.
- Compared to January 2017, applications increased by 16 percent relative to the previous month.
- Confidence for transaction volume growth over the next 12 months increased 0.4 percent from Q4 2016 and increased 0.63 percent compared with a year ago.
- Confidence for growth in purchase transaction volume over the next 12 months increased 6.5 percent from last quarter and 3.7 percent compared with a year ago.
- Prices across all property types are expected to grow by 2.5 percent over the next 12 months, which is up from last quarter’s expectation of a 1.7 percent increase.
- According to the HPPI, appraised values were 1.69 percent less than what homeowners estimated in February.
- In January, appraiser opinions were 1.47 percent lower than homeowner expectations.
- Home values rose 0.55 percent from January to February, according to the National HVI, and increased 2.95 percent compared to the previous February.
- 61 percent of current homeowners are satisfied with the state of the U.S. economy today, a 13 percent increase from the last wave of the survey (fielded shortly before the December interest rate announcement).
- 84 percent of current homeowners and 81 percent of prospective homeowners agree that increasing interest rates are a challenge facing the real estate market today, a 7 percent and 3 percent increase from the last wave of the survey, respectively.
- If mortgage rates were to go up, 39 percent of current homeowners and 65 percent of prospective homeowners say they are more likely to feel anxious, rather than indifferent about such a hike.
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