Check Inman every day for the daily version of this market roundup.
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Day-by-day market activity
Friday, February 17
- In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales.
- The median sales price of $208,500 was up 4.3 percent and marked the 10th consecutive month of year-over-year price increases.
- The new January low of 66 days on market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.
Thursday, February 16
- 30-year fixed-rate mortgages (FRM) averaged 4.15 percent with an average 0.5 point for the week ending Feb. 16, 2017.
- This is down from last week when it averaged 4.17 percent.
- A year ago at this time, the 30-year FRM averaged 3.65 percent.
- Closing time for all loans increased slightly in January to 51 days.
- The average 30-year rate for all loans increased to 4.31 in January, up from 4.05 in December.
- 69 percent of all closed loans had FICO scores over 700.
- Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,285,000, 4.6 percent above the revised December rate of 1,228,000 and 8.2 percent above the January 2016 rate of 1,188,000.
- Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,246,000, 2.6 percent below the revised December estimate of 1,279,000, but 10.5 percent above the January 2016 rate of 1,128,000.
- Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,047,000, 5.6 percent below the revised December estimate of 1,109,000 and 0.9 percent below the January 2016 rate of 1,056,000.
Wednesday, February 15
- Mortgage applications decreased 3.7 percent from one week earlier for the week ending February 10, 2017.
- The refinance share of mortgage activity decreased to 46.9 percent of total applications, its lowest level since June 2009, from 47.9 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 4.35 percent.
- The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.80 percent of all loans outstanding at the end of the fourth quarter of 2016.
- The delinquency rate was up 28 basis points from the previous quarter, and was three basis points higher than one year ago.
- The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 3.13 percent, an increase of 17 basis points from last quarter, and a decrease of 31 basis points from last year.
- 17.3 million single family homes and condos with a combined estimated market value of $4.9 trillion are in ZIP codes with high or very high risk for at least one of four environmental hazards: Superfunds, brownfields, polluters or poor air quality.
- The 17.3 million single family homes and condos in high-risk zip codes represented 25 percent of the 68.1 million single family homes and condos in the 8,642 ZIP codes analyzed.
- Of the 8,642 zip codes analyzed, 6,238 with 50.8 million single family homes and condos (75 percent) worth a combined $16.9 trillion did not have a High or Very High risk index for any of the four environmental hazards.
Tuesday, February 14
- The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for January 2017 shows mortgage applications for new home purchases increased 9.2 percent compared to January 2016.
- Compared to December 2016, applications increased by 22 percent relative to the previous month.
- By product type, conventional loans composed 67.2 percent of loan applications, FHA loans composed 18.6 percent, RHS/USDA loans composed 1.1 percent and VA loans composed 13 percent.
- The average loan size of new homes decreased from $331,354 in December to $329,806 in January.
- There were 21,000 completed foreclosures in December 2016, down from 36,000 the previous year.
- The “seriously delinquent” rate is at 2.6 percent, the lowest level since June 2007.
- About 335,000 homes were in some stage of foreclosure in December 2016.
- The national HPPI shows appraised values were 1.47 percent lower than homeowners estimated in January.
- Home values rise 3.93 percent year-over-year nationally, despite slight drop from previous month, according to the Quicken home value index.
- Appraisal values in January fell slightly, 0.34 percent month-over-month.
Monday, February 13
- 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.4 point for the week ending Feb. 9, 2017.
- This was down from last week when it averaged 4.19 percent.
- A year ago at this time, the 30-year FRM averaged 3.65 percent.
- The median existing single-family home price increased in 89 percent of measured markets, with 158 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the fourth quarter of 2016 compared with the fourth quarter of 2015.
- Twenty areas (11 percent) recorded lower median prices from a year earlier.
- An average of 87 percent of measured markets saw increasing home prices, up from the averages in 2015 (86 percent) and 2014 (75 percent).
- As of the end of 2016, there were 5.4 million (5,408,323) U.S. properties seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value.
- This is a decrease of more than 1 million properties (1,028,058) from a year ago.
- The 5.4 million seriously underwater properties at the end of 2016 represented 9.6 percent of all U.S. properties with a mortgage, down from 10.8 percent at the end of Q3 2016 and down from 11.5 percent at the end of 2015.
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