Markets & Economy

Daily market update: January 23, 2017

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

First American Financial Corporation’s Potential Home Sales Model for December 2016:

  • Potential existing-home sales decreased to a 5.8 million seasonally adjusted, annualized rate (SAAR).
  • This represents a 92.5 percent increase from the market potential low point reached in December 2008.
  • In December, the market potential for existing-home sales grew by 2.9 percent compared with a year ago, an increase of 164,000 (SAAR) sales.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage averaged 4.09 percent with an average 0.5 point for the week ending Jan. 19, 2017.
  • This is down from last week when it averaged 4.12 percent.
  • A year ago at this time, the 30-year FRM averaged 3.81 percent.

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U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Construction for December 2016:

  • Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,210,000, 0.2 percent below the revised November rate but 0.7 percent above the December 2015 estimate.
  • Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,226,000, 11.3 percent above the revised November rate and 5.7 percent above the December 2015 rate.
  • Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,123,000, 7.9 percent below the revised November rate but 8.7 percent above the December 2015 rate.

Email market reports to press@inman.com.