Markets & Economy

Daily market update: February 23, 2017

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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 4.16 percent with an average 0.5 point for the week ending Feb. 23, 2017.
  • This is up from last week when it averaged 4.15 percent.
  • A year ago at this time, the 30-year FRM averaged 3.62 percent.

Federal Housing Finance Agency’s House Price Index for Q4 2016:

  • U.S. house prices rose 1.5 percent in Q4 2016 from Q3 2016.
  • House prices rose 6.2 percent year-over-year in Q4 2016.
  • FHFA’s seasonally adjusted monthly index for December was up 0.4 percent from November.

Mortgage rates:

 

Home equity rates:

Most recent market news:

National Association of Realtors’ Existing-Home Sales for January 2017:

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  • Total existing-home sales expanded 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.51 million in December 2016.
  • This is 3.8 percent higher than a year ago (5.48 million).
  • January also surpasses November 2016 (5.60 million) as the strongest month since February 2007 (5.79 million).

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 2.0 percent from one week earlier for the week ending February 17, 2017.
  • The refinance share of mortgage activity decreased to 46.2 percent of total applications, the lowest level since November 2008, from 46.9 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balance increased to 4.36 percent from 4.32 percent.

CoreLogic Market Pulse Report for February 2017:

  • Home prices were up 7.2 percent in December 2016.
  • The cash sales share in October 2016 was 31.8 percent.
  • The distressed sales share in October 2016 was 7.7 percent.

Email market reports to press@inman.com.