We’ll add more market news briefs throughout the day. Check back to read the latest.
Home equity rates:
Most recent market news:
- The 30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, 2017.
- This is up from last week when it averaged 4.10 percent.
- A year ago at this time, the 30-year FRM averaged 3.68 percent.
- The MCAI increased 0.4 percent to 177.8 in February.
- Of the four component indices, the Government MCAI saw the greatest increase in availability over the month (up 2.3 percent), followed by the Conforming MCAI (up 0.1 percent).
- The Conventional MCAI decreased 2.2 percent while the Jumbo MCAI decreased 4.4 percent.
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- 62,000 homes regained equity in Q4 2016.
- 15 percent of properties with a mortgage are considered “under-equitied” — with less than 20 percent equity.
- 6.2 percent of mortgaged homes have negative equity.
- 193,009 single family homes and condos were flipped in 2016, up 3.1 percent from 2015.
- This is the highest level since 2006, when 276,067 single family homes and condos were flipped.
- Home flips in 2016 accounted for 5.7 percent of all single family home and condos sales during the year, up from 5.5 percent in 2015.
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