We’ll add more market news briefs throughout the day. Check back to read the latest.Most recent market news
Friday, July 14
Thursday, July 13
The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.83 percent, unchanged from this time last week. The 30-year fixed mortgage rate hovered between 3.81 percent and 3.89 percent throughout the week before settling at the current rate on Tuesday. The rate for a 15-year fixed home loan is currently 3.06 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 percent.
“Despite some ups and downs, mortgage rates were essentially flat last week, holding near their highest levels since mid-May and roughly 15 basis points above their recent low in late June,” said Erin Lantz, vice president of mortgages at Zillow. “Rates should be relatively flat again this week, with low expectations for inflation data on Friday, and Fed officials likely to remain cautious in their comments.”
Tuesday, July 11
“Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home prices increases,” said Frank Nothaft, chief economist at CoreLogic. “Regionally, with the exception of several energy industry intensive states — Alaska and North Dakota — the rest of the U.S. continues to see improvements in mortgage performance. While overall performance is improving, it reflects the older legacy pipeline of loans that continue to heal, especially in judicial states which typically take longer to clear out.”
The 30 days or more delinquency rate for April 2016 was 5.3 percent. In April 2017, 4.8 percent of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.5 percentage point decline in the overall delinquency rate compared with April 2016. The share of mortgages that transitioned from current to 30 days past due was 1.2 percent in April 2017 compared with 1 percent in April 2016. Serious delinquency is defined as 90 days or more past due including loans in foreclosure. In Alaska, North Dakota the Serious Delinquency Rate increased and Louisiana and Wyoming were flat. All the remaining states saw Serious Delinquency Rates decrease.
New peaks were reached in San Francisco median house and condo sales prices, and in luxury home sales. San Francisco rents have fallen year-over-year, though they remain the highest in the country. San Francisco hit new highs in quarterly median sales prices for both houses and condos in Q2 2017. The house market has been appreciating much more quickly than condos over recent years. The Q2 median house sales price, at $1,450,000, was $100,000 above the previous quarterly peak. Luxury condo sales hit a new monthly high in June 2017. Both luxury houses and luxury condos hit new quarterly peaks in number of sales, condos by a substantial margin, houses by a couple of sales. San Francisco rents have fallen 8 percent on a year-over-year basis, but remain the highest in the nation. Declining rents is one factor in the cooling of the apartment building market in the city, which is explored in great detail in the full report. View the full residential report online here, and view the apartment building market report online here.
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