Markets & Economy

Daily market update: December 29, 2016

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We’ll add more market news briefs throughout the day. Check back to read the latest.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year mortgage rate rose 2 basis points to 4.32 percent with an average 0.5 point for the week ending December 29, 2016.
  • Last week it averaged 4.30 percent.
  • A  year ago at this time, the 30-year FRM averaged 4.01 percent.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

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.

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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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Email market reports to press@inman.com.