Real estate daily market update: March 20, 2018

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

Most recent market news

Tuesday, March 20

MBA’s Commercial/Multifamily Mortgage Debt Outstanding, Q4, 2017

  • The level of commercial/multifamily mortgage debt outstanding at the end of 2017 was $3.18 trillion, $200.3 billion higher than at the end of 2016, or an increase of 6.7 percent, according to MBA’s latest Commercial/Multifamily Mortgage Debt Outstanding report released today.
  • The fourth quarter of 2017 saw an increase of $73.6 billion, or 2.4 percent, over the third quarter, as all four of the major investor groups increased their holdings.
  • Multifamily mortgage debt outstanding rose to $1.26 trillion, an increase of $41.6 billion, or 3.4 percent, from the third of quarter of 2017.

“Commercial and multifamily mortgage debt outstanding continued to grow in 2017, albeit at a slightly slower rate than overall property values,” said Jamie Woodwell, MBA’s vice president of commercial real estate research.

“Even so, 2017 marked the strongest year for mortgage debt growth since 2007, with Fannie Mae, Freddie Mac and FHA leading the market, followed by banks, life companies and real estate investment trusts. The commercial mortgage-backed securities (CMBS) market, which saw a decline for the year as a whole, turned a corner and added $9 billion during the fourth quarter.”

Download the full report here.

Bankrate mortgage rates

  • The average rate for a 30-year fixed mortgage is 4.33 percent, an increase of 1 basis point since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.31 percent.
  • The average 15-year fixed-mortgage rate is 3.75 percent, up 2 basis points over the last week.

Source: Bankrate

News from earlier this week

Monday, March 19

Bankrate mortgage rates

  • The average 30-year fixed-rate mortgage is 4.30 percent.
  • The average 15-year fixed-rate mortgage is 3.72 percent.

Source: Bankrate

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