Daily market update: December 1, 2016

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

Freddie Mac’s Primary Mortgage Market Survey:

• The 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.5 point for the week ending December 1, 2016.
• This is up from last week when it averaged 4.03 percent.
• A year ago at this time, the 30-year FRM averaged 3.93 percent.

U.S. Census Bureau’s October 2016 construction report:

• Construction spending during October 2016 was estimated at a seasonally adjusted annual rate of $1,172.6 billion.
• This is 0.5 percent above the revised September estimate of $1,166.5 billion.
• The October figure is 3.4 percent above the October 2015 estimate of $1,134.4 billion.

Attom Data Solution’s Q3 Home Refinance Originations report:

• More than 1.9 million (1,919,180) loans were originated on U.S. residential properties (1 to 4 units) in the third quarter of 2016.
• This is down 2 percent from the previous quarter and up less than 1 percent from a year ago.
• The report also shows total dollar volume of loan originations increased 8 percent from a year ago to more than $502 billion thanks to higher average loan amounts.

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:

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 0.39.

Email market reports to press@inman.com.