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”]
Day-by-day market activity
Friday, April 21
According to the National Association of Realtors, existing-home sales increased 4.4 percentage points to a seasonally adjusted annual rate (SAAR) of 5.71 million.
Thursday, April 20
Zillow Real Estate Market Reports
- Rents rose 0.7 percent over the past year to a Zillow Rent Index (ZRI) of $1,408 per month, the slowest rate of appreciation since November 2012 when rents were up 0.6 percent.
- U.S. home values rose 6.8 percent over the past year to a Zillow Home Value Index (ZHVI) of $196,500 in March.
- There are 5 percent fewer homes on the market this year than last, with Minneapolis, Columbus, Ohio and Seattle reporting the greatest drop in inventory.
- Mortgage rates on Zillow ended March at 3.94 percent, down from a high of 4.13 percent mid-month.
CoreLogic Loan Performance Insights
- Early-Stage Mortgage Delinquencies Trending Lower
- Mortgage Deliquency Rate Decreased by 1.1 Percentage Points
- Foreclosure Rate Fell to 0.8 Percent
Freddie Mac Primary Mortgage Market Survey
- 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending April 20, 2017, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 2.85 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago,the 5-year ARM averaged 2.81 percent.
Data provided by MarketStats by ShowingTime based on listing activity from MRIS, a Bright MLS.
Wednesday, April 19
Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey
- Mortgage applications decreased 1.8 percent from one week earlier.
- The refinance share of mortgage activity increased to 42.4 percent of total applications from 41.6 percent the previous week.
- The FHA share of total applications increased to 11.0 percent from 10.7 percent the week prior.
- The VA share of total applications decreased to 11.1 percent from 11.3 percent the week prior.
- The USDA share of total applications remained unchanged at 1.0 percent from the week prior.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016.
- The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to its lowest level since November 2016.
- The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.09 percent from 4.14 percent.
- The average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since November 2016, 3.50 percent.
- The average contract interest rate for 5/1 ARMs decreased to its lowest level since November 2016, 3.27 percent, from 3.33 percent.
Wednesday, April 18
HUD/Census Bureau New Residential Construction
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for March 2017.
Building permits:
- Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,260,000. This is 3.6 percent above the revised February rate of 1,216,000 and is 17.0 percent above the March 2016 rate of 1,077,000.
- Single-family authorizations in March were at a rate of 823,000; this is 1.1 percent below the revised February figure of 832,000.
- Authorizations of units in buildings with five units or more were at a rate of 401,000 in March.
Housing starts:
- Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000. This is 6.8 percent below the revised February estimate of 1,303,000, but is 9.2 percent above the March 2016 rate of 1,113,000.
- Single-family housing starts in March were at a rate of 821,000; this is 6.2 percent below the revised February figure of 875,000.
- The March rate for units in buildings with five units or more was 385,000.
The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Commerce Department report on March residential construction:
“A major housing shortage exists in this country. It is therefore disappointing to witness in March the continued lackluster performance in new home building, which was the second lowest activity over the past six months. Home prices have risen by 41 percent and rents have climbed 17 percent over the past five years at a time when the typical worker wage has grown by only 11 percent. To relieve housing costs, there simply needs to be more homes built.”
Housing completions:
- Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,205,000.This is 3.2 percent above the revised February estimate of 1,168,000 and is 13.4 percent above the March 2016 rate of 1,063,000.
- Single-family housing completions in March were at a rate of 819,000; this is 7.9 percent above the revised February rate of 759,000.
- The March rate for units in buildings with five units or more was 374,000.
CoreLogic April 2017 MarketPulse Report
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- Dr. Frank Nothaft discusses the effect of higher mortgage rates on homeowner mobility
- Molly Boesel analyzes data from the new Loan Performance Insights report
- Archana Pradhan discusses underwriting for mortgage applications
Email market news to press@inman.com.