Markets & Economy

Daily market update: January 26, 2017

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Federal Housing Finance Agency’s December 2016 Mortgage Rates:

  • The average interest rate on all mortgage loans was 3.91 percent, up 27 basis points from 3.64 in November.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08 percent, up 28 basis points from 3.80 in November.
  • The average loan amount for all loans was $319,100 in December, up $4,400 from $314,700 in November.

First American Financial Corporation December 2016 Loan Application Default Index:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 1.5 percent in December as compared with November.
  • Compared to December 2015, the Defect Index decreased by 9.2 percent.
  • The Defect Index is down 32.4 percent from the high point of risk in October 2013.

Freddie Mac’s Primary Mortgage Market Survey:

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  • 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.4 point for the week ending Jan. 26, 2017.
  • This is up from last week when it averaged 4.09 percent.
  • A year ago at this time, the 30-year FRM averaged 3.79 percent.

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

  • Sales of new single-family houses in December 2016 were at a seasonally adjusted annual rate of 536,000.
  • This is 10.4 percent below the revised November rate of 598,000 and 0.4 percent below the December 2015 estimate of 538,000.
  • The median sales price of new houses sold in December 2016 was $322,500; the average sales price was $384,000.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Federal Housing Finance Agency’s House Price Index for November 2016:

  • U.S. house prices rose in November, up 0.5 percent on a seasonally adjusted basis from the previous month.
  • The previously reported 0.4 percent increase in October was revised downward to a 0.3 percent increase.
  • From November 2015 to November 2016, house prices were up 6.1 percent.

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 4.0 percent from one week earlier for the week ending January 20, 2017.
  • The refinance share of mortgage activity decreased to 50.0 percent of total applications, the lowest level since July 2015, from 53.0 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.35 percent from 4.27 percent.

Email market reports to press@inman.com.