Markets & Economy

Real estate market recap, September 19-23, 2016

The big news in real estate markets, recapped for your convenience

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Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Friday, September 23:

Ellie Mae’s Origination Insights Report for August 2016:

  • Closing time for all loans remained 46 days for the third consecutive month, and the time to close refis dropped to 46 days in August.
  • The average 30-year rate for all loans decreased from 3.87 in July to 3.77 in August.
  • 13 percent of closed purchase loans had FICO scores over 800 and 58 percent of closed loans had FICO scores of 700 to 799.

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Thursday, September 22:

Black Knight Financial Services’ First Look at August 2016 Mortgage Data:

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  • The monthly prepayment rate increased by 32 percent month-over-month.
  • Delinquencies fell 6 percent month-over-month.
  • Inventory of loans in foreclosure has declined for 19 consecutive months and in 51 of the past 52 months.

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Federal Housing Finance Agency’s July 2016 House Price Index:

  • House prices rose 0.5 percent (seasonally adjusted) in July 2016.
  • The 0.2 percent June 2016 increase was revised to 0.3 percent.
  • Year-over-year, prices rose 5.8 percent.

screen-shot-2016-09-22-at-7-54-25-amFreddie Mac’s Primary Mortgage Market Rate:

  • The 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.6 point for the week ending September 22, 2016.
  • This is down from last week, when it averaged 3.50 percent.
  • One year ago, the 30-year FRM averaged 3.86 percent.

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National Association of Realtors’ Existing-Home Sales for August 2016:

  • Total existing-home sales declined 0.9 percent.
  • The seasonally adjusted annual rate for August was 5.33 million, down from a downwardly revised 5.38 million in July 2016.
  • Sales are at their second-lowest pace of 2016, but they are up 0.8 percent from one year ago (5.29 million) nonetheless.

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CoreLogic’s Mortgage Fraud Trends Report for Q2 2016:

  • There were 12,718 mortgage applications estimated to have indications of fraud in Q2 2016.
  • The mortgage application fraud risk index was up 3.9 percent year-over-year in Q2 2016.
  • Florida continues to be the riskiest state for mortgage application fraud.

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Wednesday, September 21:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 7.3 percent from one week earlier.
  • The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.70 percent from 3.67 percent week-over-week.

Tuesday, September 20:

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

  • Single-family housing unit authorizations in August were at a rate of 737,000, 3.7 percent above July 2016.
  • Single-family housing starts in August were at a rate of 722,000, this is 6.0 percent below July.
  • Single-family housing completions in August were at a rate of 752,000; 0.3 percent below July.

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First American’s Potential Home Sales Model for August 2016:

  • The market for existing-home sales is underperforming its potential by 5.6 percent.
  • In August, the market potential for existing-home sales grew 1.08 percent month-over-month.
  • Potential existing-home sales increased to 5.78 million, 91.9 percent above the December 2008 market bottom.

Monday September 19:

National Association of Home Builders’ Builder Confidence Index:

  • The index jumped to its highest point since October 2015, rising six points to 65.
  • This is up from a downwardly revised August reading of 59.
  • The index measuring traffic of prospective buyers posted a four-point gain to 48.

Re/Max National Housing News Report for August 2016:

  • Home sales increased 5.8 percent year-over-year in August 2016.
  • The median home price was up 5.1 percent year-over-year to $225,900.
  • Inventory in August averaged 3.4 months’ supply — 6 months is considered a balanced market.

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