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Real estate daily market update: November 22, 2017

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

Most recent market news

Wednesday, November 22

Freddie Mac Primary Mortgage Market Survey

“Rates dipped slightly in a short week leading up to the Thanksgiving holiday,” said Freddie Mac’s chief economist Sean Becketti.

“The 10-year Treasury yield fell roughly 4 basis points, while the 30-year mortgage rate dropped 3 basis points to 3.92 percent. Mortgage rates continue to remain low.”

Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey

News from earlier this week

Tuesday, November 21

Black Knight’s October 2017 Mortgage Data

Source: Black Knight

Monday, November 20

First American Financial Corporation October 2017 Potential Home Sales

“Tight supply and strong first-time home buyer demand continue to be the dominant factors driving the current state of the housing market,” said Mark Fleming, chief economist at First American. “Existing homeowners remain reluctant to list their homes for sale for fear of not being able to find a home to buy, keeping supply levels low.

“At the same time, a healthy number of potential home buyers continue to enter the market, so house prices are increasing and affordability is declining.

“Historically low rates offer some relief in the form of strong borrowing power, however rates are expected to rise in the months to come, so if you are renting and thinking of buying, now is the time.”

Freddie Mac November 2017 Outlook

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“It’s unlikely the economic environment will be much more favorable for housing and mortgage markets in 2018 and 2019,” said Sean Becketti, Chief Economist at Freddie Mac. “We forecast that interest rates will remain low by historical standards, but gradually creep higher over the next two years.

“We also forecast that housing construction will gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth.

“Refinance activity will drop to very low levels and the mortgage market will be dominated by purchase activity.”

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