Markets & Economy

Daily market update: March 1, 2017

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 5.8 percent from one week earlier for the week ending February 24, 2017.
  • The refinance share of mortgage activity decreased to 45.1 percent of total applications, its lowest level since November 2008, from 46.2 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.30 percent from 4.36 percent.

U.S. Census Bureau Monthly Construction Spending for January 2017:

  • Construction spending during January 2017 was estimated at a seasonally adjusted annual rate of $1,180.3 billion.
  • This is 1.0 percent below the revised December estimate of $1,192.2 billion.
  • The January figure is 3.1 percent above the January 2016 estimate of $1,144.9 billion.

Mortgage rates:

 

Home equity rates:

Most recent market news:

S&P CoreLogic Case-Shiller Home Price Index for December 2016:

Creating steady real estate income in a cyclical business
Leverage your energy and maximize your results with lead-gen sprints READ MORE
  • The National Home Price Index increased 5.8 percent year-over-year in December 2016.
  • This is the 56th consecutive month of positive gains and the largest since June 2014.
  • December was also the sixth consecutive month in which the year-over-year figure increased over the previous month.

Federal Housing Finance Agency’s Mortgage Rate Report for January 2017:

  • The average interest rate on all mortgage loans was 4.17 percent.
  • This is up 26 basis points from 3.91 in December.
  • The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.

Email market reports to press@inman.com.