Markets & Economy

Daily market update: November 23, 2016

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Federal Housing Finance Agency’s U.S. House Price Index for Q3 2016:

  • U.S. house prices rose 1.5 percent in the third quarter of 2016.
  • House prices rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016.
  • FHFA’s seasonally adjusted monthly index for September was up 0.6 percent from August.

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 5.5 percent from one week earlier for the week ending November 18, 2016.
  • The refinance share of mortgage activity decreased to 58.2 percent of total applications from 61.9 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since January 2016, 4.16 percent, from 3.95 percent.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage averaged 4.03 percent with an average 0.5 point for the week ending November 23, 2016.
  • This is up from last week when it averaged 3.94 percent.
  • A year ago at this time, the 30-year FRM averaged 3.95 percent.

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U.S. Census Bureau and U.S. Department of Housing and Urban Development’s New Residential Sales in October 2016:

  • Sales of new single-family houses in October 2016 were at a seasonally adjusted annual rate of 563,000.
  • This is 1.9 percent (±13.1%)* below the revised September rate of 574,000, but is 17.8 percent (±16.9%) above the October 2015 estimate of 478,000.
  • The median sales price of new houses sold in October 2016 was $304,500; the average sales price was $354,900.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Campbell/Inside Mortgage Finance HousingPulse Tracking Survey for October 2016:

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  • Non-distressed properties sold during October had an average price of $297,300, based on a three-month moving average.
  • This is an 1.8 percent decline from the previous month and a 4.1 percent decline from the average price of $310,000 in August.
  • Prices in October were up by 3.4 percent year-over-year.

National Association of Realtors Existing-Home Sales for October 2016:

  • Total existing-home sales were at a seasonally adjusted annual rate of 5.60 million in October.
  • This is a 2.0 percent month-over-month increase from the upwardly revised rate of 5.49 million in September.
  • A year ago in October, the sales pace was 5.29 million.

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Email market reports to press@inman.com.