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Real estate market recap, February 27-March 3, 2017

03/04/2017

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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

Thursday, March 2

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).

Wednesday, March 1

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.

Tuesday, February 28

S&P CoreLogic Case-Shiller Home Price Index for December 2016:

The National Home Price Index increased 5.8 percent year-over-year in December 2016. This is the 56th consecutive month of positive gains and the largest since June 2014. December was also the sixth consecutive month in which the year-over-year figure increased over the previous month.

Federal Housing Finance Agency’s Mortgage Rate Report for January 2017:

The average interest rate on all mortgage loans was 4.17 percent. This is up 26 basis points from 3.91 in December. The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.

Monday, February 27

National Association of Realtors’ Pending Home Sales for January 2017:

The Pending Home Sales Index decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016. January’s index reading is 0.4 percent above last January, but it is the lowest since then. Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.2 percent from 2016 (5.45 million).

First American Real House Price Index for December 2016:

Real house prices increased 6.2 percent between November and December 2016. Compared to December 2015, real house prices increased by 8.0 percent. Consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 5.1 percent between November and December 2016, and fell 2.1 percent year-over-year. Unadjusted house prices increased by 5.8 percent in December on a year-over-year basis and are 1.5 percent above the housing boom peak in 2007.

Ten-X/Auction.com Real Estate Nowcast for February 2017:

According to the nowcast, February sales will fall between seasonally adjusted annual rates of 5.34 million to 5.69 million, with a targeted number of 5.51 million. This is down 3 percent from NAR’s reported January sales yet up 7 percent from a year ago.

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