Markets & Economy

Daily market update: December 28, 2016

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National Association of Realtors Pending Home Sales Index for November 2016:

  • Pending home sales declined 2.5 percent to 107.3 in November from 110.0 in October.
  • The index is now 0.4 percent below last November (107.7).
  • This is the index’s lowest reading since January 2016 (105.4).

Freddie Mac’s Multi-Indicator Market Index for October 2016:

  • The national MiMi is 86.4.
  • This is 0.42 percent up from September 2016 to October 2016 and a three-month improvement of 1.86 percent.
  • Year-over-year, the national MiMi value improved 5.88 percent.

First American November 2016 Loan Application Defect Index:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications remained unchanged in November as compared with October.
  • Compared to November 2015, the Defect Index decreased by 12.8 percent.
  • The Defect Index is down 33.3 percent from the high point of risk in October 2013.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Federal Housing Finance Agency’s mortgage rates for November 2016:

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  • The index for the average contract mortgage rate for previously occupied homes by combined lenders Index was 3.66 percent for loans closed in late November, up 4 basis points from 3.62 percent in October.
  • The average interest rate on all mortgage loans was 3.64 percent, up 4 basis points from 3.60 in October.
  • The average loan amount for all loans was $314,700 in November, up $2,000 from $312,700 in October.

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First American Real House Price Index for October 2016:

  • Real house prices increased 0.7 percent between September 2016 and October 2016.
  • Compared to September 2015, real house prices decreased by 0.4 percent.
  • Unadjusted house prices are expected to increase by 5.3 percent in October on a year-over-year basis.

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Email market reports to press@inman.com.