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Daily market update: June 17, 2016

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U.S. Census Bureau/U.S. Department of Housing and Urban Development May 2016 New Residential Construction:

  • Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,138,000. This is 0.7 percent above the revised April rate of 1,130,000, but is 10.1 percent below the May 2015 estimate of 1,266,000.
  • Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,164,000. This is 0.3 percent below the revised April estimate of 1,167,000, but is 9.5 percent  above the May 2015 rate of 1,063,000.
  • Privately-owned housing completions in May were at a seasonally adjusted annual rate of 988,000. This is 5.1 percent above the revised April estimate of 940,000, but is 3.5 percent below the May 2015 rate of 1,024,000.

Trulia’s outlook for housing starts for May 2016:

  • The 12-month rolling total of starts grew 11.8 percent year-over-year in May to 1,154,800 starts, slightly up from April.
  • This represents the most starts in a 12-month period since August 2007.
  • Housing starts continue to be a bright spot in an otherwise supply constrained market, and the 12-month rolling total inches up to 80 percent of the 50-year average of 1,443,060 starts.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Freddie Mac’s Primary Mortgage Market Survey:

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  • The 30-year fixed-rate mortgage averaged 3.54 percent with an average 0.5 point.
  • This is down from 3.60 percent last week.
  • One year ago, the 30-year fixed-rate mortgage averaged 4.00 percent.

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Email market reports to press@inman.com.