Markets & Economy

Daily market update: March 2, 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 Rate:

  • The 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending March 2, 2017.
  • This is down from last week when it averaged 4.16 percent.
  • A year ago at this time, the 30-year FRM averaged 3.64 percent.

Ellie Mae’s Millennial Tracker data for January 2017:

  • Millennial borrowers for new home purchases accounted for 84 percent of closed loans according in January 2017.
  • In December, 82 percent of closed mortgages were for new home purchases, up from 77 percent from August through November.
  • It took millennials an average 49 days to close on their loans in January, a day longer than in November and December

Attom Data Solutions Q4 2016 Loan Origination Report:

  • More than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in Q4 2016, down 15 percent from the previous quarter but up 2 percent from 2015.
  • More than 7.3 million loans were originated in 2016, up 2 percent from 2015 to the highest total since 2013.
  • Total dollar volume of loan originations in the fourth quarter increased 8 percent from a year ago to more than $461 billion ($461,291,961,501).

Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

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  • 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.

Email market reports to press@inman.com.