Here’s what happened this week in the real estate market.
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”]
Thursday, Dec. 10:
- Mortgage applications for new home purchases decreased 6 percent month-over-month.
- Conventional loans comprised 68.4 percent of loan applications, FHA loans comprised 18.1 percent, VA loans comprised 12.6 percent and RHS/USDA loans comprised 0.9 percent.
- The average loan size for new homes decreased from $320,881 to $320,854 month-over-month.
- The 30-year fixed-rate mortgage averaged 3.95 percent with an average 0.6 point for the week ending December 10, 2015, up 0.02 percent week-over-week.
- The 15-year fixed-rate mortgage averaged 3.19 percent with an average 0.5 point, up 0.03 percent week-over-week.
- The 5-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 3.03 percent with an average 0.5 point, up 0.04 percent week-over-week.
Wednesday, Dec. 9:
- The Market Composite Index increased 1.2 percent on a seasonally adjusted basis week-over-week.
- The refinance share of mortgage activity increased to 58.7 percent of total applications, up from 56.6 percent the previous week.
- The FHA share of total applications increased 0.8 percent week-over-week to 14.0 percent.
Tuesday, Dec. 8:
- Title agents agree that sales transactions will increase for first-time homebuyers and “move up” buyers in the next year.
- Title agents believe that first-time homebuyers will be most impacted by a potential interest rate hike.
- Title agents believe that interest rates would need to creep up to 5.1 percent before primary residential transaction volumes are affected.
- The MCAI decreased 0.8 percent; it’s now 127.4.
- The Conventional MCAI was down 2.0 percent.
- The Conforming MCAI was down 1.0 percent.
- Foreclosure inventory fell 21.5 percent year-over-year in October 2015.
- Foreclosures were down 12.3 percent from September 2015.
- This is the 48th straight month of decline.
- The average appraisal in November was 1.87 percent lower than what homeowners expected the value to be.
- November is the 10th consecutive month in which homeowner expectations of value exceeded the appraisers’ opinions.
- Average appraised home values rose 1.08 percent month-over-month and 4.84 percent year-over-year.
Monday, Dec. 7:
- The December index stands at 63.2.
- This is the same level as November 2015 but 5.8 index points lower than December 2014.
- Consumers seem to have mixed confidence about the economy.
- High loan-to-value purchase mortgage originations were up 20 percent year-over-year in the third quarter of 2015.
- 2015 residential home sales are up 4 percent from last year, and traditional sales are up 7 percent.
- Distressed sales (REO or short sale transactions) have declined by 13 percent year-over-year.
- The HPSI decreased 2.4 points to 80.8 in November.
- Consumers’ net attitudes about the direction of their household income relative to one year ago fell 5 points in November.
- The HPSI Good Time to Sell component fell 6 points, while Good Time to Buy increased 1 point.