Real estate market recap, September 19-23, 2016

Check Inman every day for the daily version of this market roundup.

Mortgage rates:

[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

Home equity rates:

[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]

[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]

Friday, September 23:

Ellie Mae’s Origination Insights Report for August 2016:

• Closing time for all loans remained 46 days for the third consecutive month, and the time to close refis dropped to 46 days in August.
• The average 30-year rate for all loans decreased from 3.87 in July to 3.77 in August.
• 13 percent of closed purchase loans had FICO scores over 800 and 58 percent of closed loans had FICO scores of 700 to 799.

Thursday, September 22:

Black Knight Financial Services’ First Look at August 2016 Mortgage Data:

• The monthly prepayment rate increased by 32 percent month-over-month.
• Delinquencies fell 6 percent month-over-month.
• Inventory of loans in foreclosure has declined for 19 consecutive months and in 51 of the past 52 months.

Federal Housing Finance Agency’s July 2016 House Price Index:

• House prices rose 0.5 percent (seasonally adjusted) in July 2016.
• The 0.2 percent June 2016 increase was revised to 0.3 percent.
• Year-over-year, prices rose 5.8 percent.

Freddie Mac’s Primary Mortgage Market Rate:

• The 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.6 point for the week ending September 22, 2016.
• This is down from last week, when it averaged 3.50 percent.
• One year ago, the 30-year FRM averaged 3.86 percent.

National Association of Realtors’ Existing-Home Sales for August 2016:

• Total existing-home sales declined 0.9 percent.
• The seasonally adjusted annual rate for August was 5.33 million, down from a downwardly revised 5.38 million in July 2016.
• Sales are at their second-lowest pace of 2016, but they are up 0.8 percent from one year ago (5.29 million) nonetheless.

CoreLogic’s Mortgage Fraud Trends Report for Q2 2016:

• There were 12,718 mortgage applications estimated to have indications of fraud in Q2 2016.
• The mortgage application fraud risk index was up 3.9 percent year-over-year in Q2 2016.
• Florida continues to be the riskiest state for mortgage application fraud.

Wednesday, September 21:

Mortgage Bankers Association’s Weekly Applications Survey:

• Mortgage applications decreased 7.3 percent from one week earlier.
• The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week.
• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.70 percent from 3.67 percent week-over-week.

Tuesday, September 20:

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s August 2016 New Residential Construction:

• Single-family housing unit authorizations in August were at a rate of 737,000, 3.7 percent above July 2016.
• Single-family housing starts in August were at a rate of 722,000, this is 6.0 percent below July.
• Single-family housing completions in August were at a rate of 752,000; 0.3 percent below July.

First American’s Potential Home Sales Model for August 2016:

• The market for existing-home sales is underperforming its potential by 5.6 percent.
• In August, the market potential for existing-home sales grew 1.08 percent month-over-month.
• Potential existing-home sales increased to 5.78 million, 91.9 percent above the December 2008 market bottom.

Monday September 19:

National Association of Home Builders’ Builder Confidence Index:

• The index jumped to its highest point since October 2015, rising six points to 65.
• This is up from a downwardly revised August reading of 59.
• The index measuring traffic of prospective buyers posted a four-point gain to 48.

Re/Max National Housing News Report for August 2016:

• Home sales increased 5.8 percent year-over-year in August 2016.
• The median home price was up 5.1 percent year-over-year to $225,900.
• Inventory in August averaged 3.4 months’ supply — 6 months is considered a balanced market.

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