Real Estate Daily Market Update: November 29, 2016

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

National Association of Realtors’ Pending Home Sales Index for October 2016:

The Pending Home Sales Index was up 0.1 percent to 110.0 in October from a slight downward revision of 109.9 in September.
With last month’s small increase, the index is now 1.8 percent higher than last October (108.1).
40 percent of sales in October sold at or above list price, an increase from 33 percent last October.

First American October 2016 Loan Application Defect Index:

The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications, decreased 1.4 percent in October compared with September 2016.
Compared to October 2015, the Defect Index decreased by 13.9 percent.
The Defect Index is down 33.3 percent from the high point of risk in October 2013.

Freddie Mac’s Multi-Indicator Market Index for September 2016:

The national MiMi value stands at 86, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity.
This indicates a 0.42 percent improvement from August to September and a three-month improvement of +1.61 percent.
On a year-over-year basis, the national MiMi value improved 5.56 percent.

Yardi Matrix Monthly Real Estate Market Report for November 2016:

Average U.S. monthly rents fell in November, marking the third consecutive month of decline.
The national average was $1,214, down $2 from October 2016.
Metros whose rents fell the most in November on a trailing three-month basis were Denver, San Francisco, Baltimore, Boston and Seattle.

Mortgage Bankers Association’s Weekly Applications Survey:

Mortgage applications decreased 9.4 percent from one week earlier for the week ending November 25, 2016.
The refinance share of mortgage activity decreased to 55.1 percent of total applications, the lowest level since June 2016, from 58.2 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since July 2015, 4.23 percent, from 4.16 percent, with points increasing to 0.41 from 0

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”]

Most recent market news:

Federal Housing Finance Agency’s Mortgage Interest Rates for October 2016:

The national average contract mortgage rate for previously occupied homes by combined lenders index was 3.62 percent for loans closed in late October.
This is up 1 basis point from 3.61 percent in September.
The average loan amount for all loans was $312,700 in October, up $9,800 from $302,900 in September.

Black Knight Financial Services’ “First Look” At October 2016 Mortgage Data:

October’s 56,500 foreclosure starts was the lowest one-month total in nearly 12 years.
Active foreclosure inventory continues to improve — just over 500,000 active foreclosure cases remain.
Prepayment activity was down slightly from September but remains 37 percent above last year’s level.

S&P/Case-Shiller National Home Price Index for September 2016:

The National Home Price Index rose 5.5 percent year-over-year in September 2016.
This is up from August 2016’s 5.1 percent year-over-year gain.
The national index posted a month-over-month gain of 0.4 percent in September 2016.

Redfin Housing Demand Index for October 2016:

The Redfin Housing Demand Index declined 3.5 percent from September to a seasonally-adjusted level of 100 in October.
In October, the number of Redfin customers requesting home tours fell 3.7 percent from September, and the number of customers writing offers on homes fell 5.9 percent.
Across the 15 metro areas tracked by the Demand Index, the number of homes listed in October was 9.5 percent lower than a year earlier.

Zillow’s October 2016 market report:

Home values rose 6.2 percent over the past year to a Zillow Home Value Index (ZHVI) of $191,200 in October.
Rents rose 1.4 percent over the past year to a Zillow Rent Index (ZRI) of $1,402.
There are 5.7 percent fewer homes for sale than a year ago, with Boston and Indianapolis reporting the greatest drop in inventory.