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Daily market update: March 2, 2017

03/01/2017

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

Freddie Mac’s Primary Mortgage Market Rate:

The 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending March 2, 2017. This is down from last week when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.

Ellie Mae’s Millennial Tracker data for January 2017:

Millennial borrowers for new home purchases accounted for 84 percent of closed loans according in January 2017. In December, 82 percent of closed mortgages were for new home purchases, up from 77 percent from August through November. It took millennials an average 49 days to close on their loans in January, a day longer than in November and December

Attom Data Solutions Q4 2016 Loan Origination Report:

More than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in Q4 2016, down 15 percent from the previous quarter but up 2 percent from 2015. More than 7.3 million loans were originated in 2016, up 2 percent from 2015 to the highest total since 2013. Total dollar volume of loan originations in the fourth quarter increased 8 percent from a year ago to more than $461 billion ($461,291,961,501).

Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio 15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio

 

Home equity rates: Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Credit Union Rates by State | Credio Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

Mortgage applications increased 5.8 percent from one week earlier for the week ending February 24, 2017. The refinance share of mortgage activity decreased to 45.1 percent of total applications, its lowest level since November 2008, from 46.2 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.30 percent from 4.36 percent.

U.S. Census Bureau Monthly Construction Spending for January 2017:

Construction spending during January 2017 was estimated at a seasonally adjusted annual rate of $1,180.3 billion. This is 1.0 percent below the revised December estimate of $1,192.2 billion. The January figure is 3.1 percent above the January 2016 estimate of $1,144.9 billion.

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