Markets & Economy

Daily market update: February 24, 2017

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

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Sales for January 2017:

  • Sales of new single-family houses in January 2017 were at a seasonally adjusted annual rate of 555,000, 3.7 percent above the revised December rate of 535,000 and 5.5 percent above the January 2016 estimate of 526,000.
  • The median sales price of new houses sold in January 2017 was $312,900. The average sales price was $360,900.
  • The seasonally adjusted estimate of new houses for sale at the end of January was 265,000. This represents a supply of 5.7 months at the current sales rate.

First American Financial Services’ January 2017 Loan Application Defect Index:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January 2017 over December 2016.
  • Compared to January 2016, the Defect Index decreased by 3.9 percent.
  • The Defect Index is down 28.4 percent from the high point of risk in October 2013.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Freddie Mac’s Primary Mortgage Market Survey:

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  • 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.


Email market reports to press@inman.com.