Markets & Economy

Daily market update: March 16, 2017

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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

Attom Data Solutions Foreclosure Activity for February 2017:

  • Overall foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005.
  • States with a year-over-year increase included New Jersey (up 16 percent); Delaware (up 14 percent); Louisiana (up 12 percent); Alabama (up 10 percent); and Hawaii (up 8 percent).
  • Three of the nation’s 20 largest metro areas posted year-over-year increases in foreclosure activity: Houston (up 97 percent from an abnormally low Feb 2016); San Francisco (up 25 percent); and New York (up 9 percent).

U.S. Census Bureau/U.S. Department of Housing and Urban Development New Residential Construction for February 2017:

  • Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,213,000, 6.2 percent below the revised January rate but is 4.4 percent above the February 2016 rate.
  • Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,288,000, 3.0 percent above the revised January estimate and is 6.2 percent above the February 2016 rate.
  • Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,114,000, 5.4 percent above the revised January estimate and 8.7 percent above the February 2016 rate.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 4.30 percent with an average 0.5 point for the week ending March 16, 2017.
  • This is up from last week when it averaged 4.21 percent.
  • A year ago at this time, the 30-year FRM averaged 3.73 percent.

Mortgage rates:

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 3.1 percent from one week earlier for the week ending March 10, 2017.
  • The refinance share of mortgage activity increased to 45.6 percent of total applications from 45.4 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since April 2014, 4.46 percent, from 4.36 percent.

Ellie Mae’s Origination Insights Report for February 2017:

  • Home loans for purchases increased to 57 percent in February, up from 53 percent in January.
  • The average time to close all loans decreased to 46 days in February, down from 51 days in January.
  • Average FICO scores dropped with the average FICO score on all closed loans at 720.

Email market reports to press@inman.com.