Daily market update: February 2, 2017

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

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.5 point for the week ending Feb. 2, 2017.
  • The rate is unchanged from last week.
  • A year ago at this time, the 30-year FRM averaged 3.72 percent.

Attom Data Solutions Year-End 2016 Home Sales Report:

  • 16.2 percent of single family home and condo sales in 2016 were distressed sales, which is down from 18.8 percent of all sales in 2015 to the lowest level since 2007, a nine-year low. 
  • Among 193 metropolitan statistical areas with a population of 200,000 or more and at least 100 distressed sales in 2016, those with the highest share of total distressed sales were Atlantic City, New Jersey (43.8 percent); Hagerstown-Martinsburg, Maryland-West Virginia (33.2 percent); Rockford, Illinois (29.2 percent); Montgomery, Alabama (29.2 percent); and Baltimore, Maryland (28.0 percent).
  • Bank-owned (REO) sales accounted for 8.0 percent of all sales in 2016, down from 10.0 percent in 2015 to the lowest level since 2006 — a 10-year low.

Mortgage rates:


Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

  •  Mortgage applications decreased 3.2 percent from one week earlier for the week ending January 27, 2017.
  • The refinance share of mortgage activity decreased to 49.4 percent of total applications from 50.0 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.39 percent from 4.35 percent.

U.S. Census Bureau December 2016 Construction Report:

  • Construction spending during December 2016 was estimated at a seasonally adjusted annual rate of $1.1815 trillion.
  • This is 0.2 percent below the revised November estimate of $1.1844 trillion.
  • The December figure is 4.2 percent above the December 2015 estimate of $1.1337 trillion.

Apartment List National Rent Report for February 2016:

  • Nationwide, rents increased rapidly throughout 2014 and 2015 but have plateaued since May 2016.
  • Rents have fallen in San Francisco, San Jose, Miami and Houston.
  • Rents continue to climb in some secondary cities — Tacoma, Washington; Arlington, Texas; Long Beach, California

Email market reports to press@inman.com.