Real estate daily market update: December 7, 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

Thursday, December 7

CoreLogic National Homeowner Equity Insights Report

Source: CoreLogic

Source: CoreLogic

“Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years,” said Frank Nothaft, chief economist at CoreLogic.

“This increase is primarily a reflection of rising home prices, which drives up home values, leading to an increase in home equity positions and supporting consumer spending.”

Freddie Mac Primary Mortgage Market Survey

“This week’s survey reflects last week’s uptick in long-term interest rates, with the 30-year fixed mortgage rate up 4 basis points to 3.94 percent,” said Len Kiefer, deputy chief economist at Freddie Mac.

“The 30-year mortgage rate has been bouncing around in a 10 basis point range since September.”

“While long-term rates have been relatively steady week-to-week, shorter term interest rates have been on the rise. The spread between the 30-year fixed mortgage and the 5/1 Hybrid ARM rate was 59 basis points this week, down 43 basis points from earlier this year.

“With a narrower spread between fixed and adjustable mortgage rates, more borrowers are opting for a fixed product. The MBA reported earlier this week that the ARM share of conventional mortgage applications was 16.7 percent, down from over 20 percent in the spring.”

Wednesday, December 6

Zillow Mortgage Rate Ticker

“Mortgage rates edged higher early last week with the passage of the Senate’s tax reform bill, which would imply greater federal borrowing over the next decade, and news of two new Fed members with less-known monetary policy views,” said Aaron Terrazas, senior economist at Zillow.

“Friday’s employment report is the most important piece of economic data due this week, though markets will also closely watch the final contours of the tax reform bill as negotiations get underway between the House and Senate.

“Rates could rise sharply if Congress fails to enact a resolution to continue funding the federal government later this week,” added Terrazas.

Current rates for 30-year fixed mortgages by state. Source: Zillow

News from earlier this week

Wednesday, December 6

LendingTree Mortgage Offers Report, November 2017

Purchase APR by Credit Score Range, Source: LendingTree

Purchase Mortgage Offers by Credit Score

Refinance Mortgage Offers by Credit Score

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

Monday, December 4 

Black Knight’s Monthly Mortgage Monitor Report, October 2017

View the full report for information on the tax reform impact on mortgage and housing markets.

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