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=”c0eKOcwwRlX” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”468″ url=”https://w.graphiq.com/w/c0eKOcwwRlX” link=”http://mortgage-lenders.credio.com” link_text=”Credio | Graphiq” ]
Day-by-day market activity
Friday, December 2:
Bureau of Labor Statistics’ Employment Situation Summary for November 2016:
- The unemployment rate declined to 4.6 percent in November.
- Total nonfarm payroll employment increased by 178,000.
- Employment gains occurred in professional and business services and in health care.
Thursday, December 1:
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.
Wednesday, November 30:
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.
Tuesday, November 29:
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.
Monday, November 28:
Black Knight Financial Services Home Price Index (HPI) Report for September 2016:
- The U.S. HPI was $266,000 in September 2016.
- This is 0.1 percent higher than August 2016.
- It’s also 5.4 percent higher than September 2015.
First American Real House Price Index for September 2016:
- Real house prices increased 1.0 percent between August 2016 and September 2016.
- Compared to September 2016, real house prices decreased by 2.0 percent.
- Real house prices are 40.4 percent below their housing-boom peak in July 2006 and 19.9 percent below the level of prices in January 2000.
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