Markets & Economy

Daily market update: January 18, 2017

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Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 0.8 percent from one week earlier for the week ending January 13, 2017.
  • The refinance share of mortgage activity increased to 53.0 percent of total applications from 51.2 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to its lowest level since December 2016, 4.27 percent, from 4.32 percent.

January 2017 Re/Max Market Report:

  • The median sales price of $216,000 was 4.9 percent above one year ago and 1.8 percent below November’s.
  • Inventory declined 17.9 percent year-over-year in December.
  • The average days on market of 62 was the lowest of any December in the report’s history.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Attom Data Solutions Year-End 2016 Foreclosure Market Report:

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  • Foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 933,045 U.S. properties in 2016.
  • This is down 14 percent from 2015 to the lowest level since 2006, when there were 717,522 U.S. properties with foreclosure filings.
  • The report also shows that 0.70 percent of all U.S. housing units had at least one foreclosure filing in 2016, the lowest annual foreclosure rate nationwide since 2006.

foreclosure_activity_rates_annual_2016

Mortgage Banker’s Association’s Builder Applications Survey for December 2016:

  • Mortgage applications for new home purchases increased 2 percent relative to December 2015.
  • Compared to November 2016, applications decreased by 14 percent relative to the previous month.
  • This change does not include any adjustment for typical seasonal patterns.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending January 12, 2017.
  • This is down from last week when it averaged 4.20 percent.
  • A year ago at this time, the 30-year FRM averaged 3.92 percent.

pmms_chart_lg-1

Email market reports to press@inman.com.