Check Inman every day for the daily version of this market roundup.
Home equity rates:
Day-by-day market activity
Thursday, December 29:
- 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.
Wednesday, December 28:
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- 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).
- 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.
- 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.
Tuesday, December 27:
- 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.
- 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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