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”]
Friday, Oct. 30:
- U.S. multifamily rents stayed level at $1,166 in October.
- This was the first survey in 2015 in which rent did not rise month-over-month.
- The October year-over-year rate increased by 6.7 percent.
Thursday, Oct. 29:
- NAR reported that the September index was the second-lowest reading in 2015.
- The index declined 2.3 percent to 106.8 in September from 109.3 in August.
- The index has still increased year-over-year for 13 months.
- The HVF recorded that 29 core-based statistical areas (CSBAs) received their highest raw score possible.
- All 29 CSBAs have less than four months of remaining inventory.
- Of those 29 CSBAs, 21 are west of the Rockies.
- Flipping is the preferred investment strategy among investors for the fourth consecutive quarter.
- Investor intent varies depending on the type of auction and investor profile.
- Respondents making a one-time purchase preferred hold-to-rent strategies, while full-time investors favored flipping.
- The national average contract mortgage rate for previously occupied homes was 3.93 percent in September, down from 3.99 percent in August.
- The average interest rate on all mortgage loans was 3.95 percent, down from 3.99 percent in August.
- The average loan amount was $307,700 in September, up from $303,300 in August.
- Home flipping declined to 5 percent of its total share of sales in Q3.
- The average flipping return increased to 33.8 percent in Q3.
- Completed flips in Q3 took an average of 175 days, almost six months.
Wednesday, Oct. 28:
- The Market Composite Index decreased 3.5 percent week-over-week.
- The refinance share of mortgage activity remained unchanged at 59.5 percent.
- The average contract interest rate for a 30-year fixed-rate mortgage increased to 3.98 percent from 3.95 percent week-over-week.
- The rate of incidence of loan application defaults fell 1.2 percent month-over-month in September 2015.
- The index fell 9 percent year-over-year.
- The defect index for refinance transactions declined 1.4 percent month-over-month and 10 percent year-over-year.
- Mortgage application fraud risk nationwide decreased 8.9 percent year-over-year.
- Louisiana, however, saw a 17.1 percent increase in mortgage fraud risk.
- Identity application fraud risk decreased 22.7 percent nationwide.
Tuesday, Oct. 27:
- The index recorded a 4.7 increase year-over-year in August 2015.
- San Francisco, Denver and Portland reported the highest year-over-year gains.
- The index rose 0.3 percent month-over-month in August 2015.
Monday, Oct. 26:
- Origination volume was $100 billion higher in 2014 than industry experts had estimated.
- Industry concentration is declining: The top five mortgage loan firms accounted for only 34 percent of the market in 2014.
- The projected refinance share of originations in 2015 has been lowered by 1 percentage point to 47 percent.
- Sales of new single-family homes in September 2015 were down 11.5 percent month-over-month.
- However, sales were up 2.0 percent year-over-year.
- The median sales price of new houses sold in September 2015 was $296,900; the average sales price was $364,100.
- Boise (Idaho), San Francisco and Denver saw the biggest year-over-year index point increases in August 2015.
- Dallas/Fort Worth/Arlington, Denver/Aurora/Lakewood and Austin/Round Rock were cited as top markets in the “rebound report.”
- Bottom markets for rebounding: Las Vegas/Henderson/Paradise, Stockton/Lodi (California) and Cape Coral/Fort Myers.
- August home prices were up 0.3 percent month-over-month.
- Prices are up 5.5 percent year-over-year.
- The current home price index value, according to Black Knight: $253,000.
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