Check Inman every day for the daily version of this market roundup.
Home equity rates:
Thursday, March 3:
- Rates for 30-year fixed-rate mortgages averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016.
- This is up from last week, when the average was 3.62 percent.
- It’s down from a year ago, when the average was 3.75 percent.
- The MCAI was unchanged month-over-month at 123.8 in February.
- Of the four component indices, the Conforming MCAI saw the greatest loosening (up 1.0 percent) over the month.
- The Government MCAI was up 0.6 percent).
Wednesday, March 2:
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- Existing home sales for February will fall between a seasonally adjusted annual rate of 5.23 and 5.58 million sales.
- This sales number is down 1.3 percent month-over-month.
- However, it is up 10.4 percent year-over-year.
- The Market Composite Index, which measures loan application volume, decreased 4.8 percent on a seasonally adjusted basis week-over-week.
- On an unadjusted basis, the Index increased 7 percent week-over-week.
- The Refinance Index decreased 7 percent week-over-week, and the refinance share of mortgage activity decreased to its lowest level since January 2016 — 58.6 percent of total applications — from 61.0 percent the previous week.
Tuesday, March 1:
- Spending on private construction was at a seasonally adjusted rate of $831.4 billion.
- This is 0.5 percent above the revised December estimate of $827.3 billion.
- Residential construction was $433.2 billion in January, the same month-over-month as December.
- Home prices rose 1.3 percent month-over-month.
- Home prices rose 6.9 percent year-over-year.
- This is the 47th month of consecutive year-over-year increase, but the returns are no longer double-digit.
Monday, Feb. 29:
- The PHSI declined 2.5 percent to 106.0 in January.
- This is 1.4 percent above January 2015 (104.5).
- The index has increased year-over-year for 17 consecutive months, but January’s gain was the second-smallest.
- The home price index in the U.S. was $253,000.
- This is down 0.1 percent month-over-month.
- However, the index is up 5.5 percent year-over-year.