Markets & Economy

Daily market update: January 11, 2017

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

Mortgage Banker’s Association’s Weekly Applications Survey:

  • Mortgage applications increased 5.8 percent from one week earlier for the week ending January 6, 2017.
  • The refinance share of mortgage activity decreased to 51.2 percent of total applications from 52.2 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.32 percent from 4.39 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

CoreLogic National Foreclosure Report for November 2016:

  • The foreclosure inventory in November 2016 was down 2.4 percentage points from October 2016.
  • This indicates a 25.9 percent year-over-year decline.
  • There were 26,000 foreclosures completed in November 2016.

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Quicken Loans Home Price Perception Index (HPPI) for December 2016:

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  • The national HPPI shows appraised values were 1.33 percent lower than homeowners estimated in December 2016.
  • This indicates a widening of opinions between appraisers and homeowners.
  • Home values fell 1.19 percent in December, but increased 3.85 percent year-over-year.

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National Housing Tides Index for January 2017:

  • The Housing Tides Index rose from 72.8 in December to 73.3 in January.
  • The ratio of U.S. housing permits to changes in total employment improved for the year ending October 2016.
  • However, at a ratio of 0.46 housing permits per new job created, housing production remains too low to meaningfully slow price increases or return to a balanced inventory level.

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Email market reports to press@inman.com.