Check Inman every day for the daily version of this market roundup.
Home equity rates:
Day-by-day market activity
Thursday, January 5:
- The 30-year fixed-rate mortgage averaged 4.20 percent with an average 0.5 point for the week ending January 5, 2017.
- This is down from last week when it averaged 4.32 percent.
- A year ago at this time, the 30-year FRM averaged 3.97 percent.
Want success in real estate? Become ferociously intentional about THIS one thing
Tom Ferry reveals where to laser focus your efforts to achieve the success you desire READ MORE
- The MCAI increased 0.6 percent to 175.2 in December.
- Of the four component indices, the Jumbo MCAI saw the greatest increase in availability over the month (up 1.3 percent), followed by the Conventional MCAI (up 0.7 percent), the Government MCAI (up 0.6 percent), and the Conforming MCAI (up 0.04 percent).
- Making monthly house payments on a median-priced home is more affordable than the fair market rent on a three-bedroom property in 354 of the 500 counties analyzed in the report (66 percent).
- Counter to the overall trend, renting is more affordable than buying a home in 186 of the 540 counties analyzed for the report (34 percent).
- On average across the 540 counties analyzed, monthly fair market rent on a three-bedroom property in 2017 will require 38.6 percent of average wages.
Wednesday, January 4:
- Mortgage applications decreased 12 percent from two weeks earlier for the week ending December 30, 2016.
- The Refinance Index decreased 22 percent from two weeks ago.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.39 percent from 4.45 percent.
Tuesday, January 3:
- The CoreLogic home price index (HPI) was up 1.1 percent month-over-month in November 2016.
- The HPI was up 7.1 percent year-over-year.
- CoreLogic forecasts home prices to rise 4.7 percent year-over-year from 2016 to 2017.
- Construction spending during November was at a seasonally adjusted annual rate of $1,182 billion.
- This is 0.9 percent above the revised October rate of $1,171.4 billion.
- November’s number is also 4.1 percent above the November 2015 estimate.
Email market news to firstname.lastname@example.org.