Check Inman every day for the daily version of this market roundup.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 Day-by-day market activity
Friday, April 14
“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, Re/Max CEO, chairman of the board and co-founder, in a statement. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”
Thursday, April 13
“Mortgage applications for new homes accelerated in March, with the Builder Application Survey Index reaching its highest point since the series began in August 2012,” said Lynn Fisher, MBA’s Vice President of Research and Economics, in a statement. “The pick up from a fairly modest February showing suggests that developers are finding ways to bring new product on line to help supplement otherwise low inventories of existing homes for sale in the US.
“In contrast to the increasing trend in average loan size in our Weekly Application Survey which reports on applications for both new and existing homes, the average loan size for new homes in March from the Builder survey was unchanged from a year ago. Looking at the full distribution of applications, nearly two-thirds of applications for new homes in our survey have loan sizes between $200,000 and $400,000.”
Wednesday, April 12
Tuesday, April 11
“Mortgage rates edged slightly higher last week as the FOMC meeting minutes suggested the Fed may begin to unload its mortgage bond portfolio starting next year, and Friday’s jobs report showed a falling unemployment rate and strong wage gains despite weak employment growth in March,” said Erin Lantz, vice president of mortgages at Zillow in a statement. “This week markets will focus on speeches by several key FOMC officials, though barring unexpected geopolitical developments, markets are likely to remain quiet leading into the holiday weekend.”
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
30 days or more delinquent: National viewThe 30 days or more delinquency rate for January 2016 was 6.4 percent. In January 2017, 5.3 percent of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 1.1 percentage point decline in the overall delinquency rate compared with January 2016.
D.C. metro highlights:March 2017’s median sales price of $420,00 was up 5.3 percent or $21,000 compared to last year. This is the highest March median sales price of the last decade, easily topping the prior high of $400,000 seen in 2015. Sales volume across the D.C. metro area was nearly $2.3 billion, up 26.7 percent from last March. The median days-on-market for March 2017 was 15 days, 12 days lower than last year.
Baltimore metro highlights:The Baltimore Metro area median sales price of $245,000 was up 3.2 percent from last year, up 6.5 percent compared to last month, and at the highest March level since 2008. Sales volume across the Baltimore Metro area was up 21.7 percent from last year to $923.8 million. The median days-on-market was 42 days, down from 63 days last year, and at the lowest level in a decade.
Data provided by MarketStats by ShowingTime based on listing activity from MRIS, a Bright MLS.
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