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Real estate market recap, July 17-21, 2017

07/22/2017

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Check Inman every day for the daily version of this market roundup.

Day-by-day market activity:

Friday, July 21

Mortgage Rates Move Lower

30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 20, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent. 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.

Wednesday, July 19

Monthly New Residential Construction

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The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2017.

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent above the revised May rate of 1,168,000 and is 5.1 percent above the June 2016 rate of 1,193,000. Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000. This is 8.3 percent above the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000. Privately-owned housing completions in June were at a seasonally adjusted annual rate of 1,203,000. This is 5.2 percent  above the revised May estimate of 1,144,000 and is 8.1 percent above the June 2016 rate of 1,113,000.

Tuesday, July 18

30-Year Fixed Mortgage Rates Fall; Current Rate is 3.75 Percent, According to Zillow Mortgage Rate Ticker

Current rates for 30-year fixed mortgages by state.

The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.75 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate fell early in the week, then hovered around 3.76 percent for most of the week before settling at the current rate. The rate for a 15-year fixed home loan is currently 2.99 percent, and the rate for a 5-1 adjustable-rate mortgage (ARM) is also 2.99 percent.

“Mortgage rates fell from 60-day highs last week, prompted by weak domestic inflation and retail sales data, and reports that interest rates could rise in Europe as the European Central Bank ends recession-era policies,” said Erin Lantz, vice president of mortgages at Zillow. “Developments overseas – notably Thursday’s ECB meeting – are likely to drive financial markets this week with few major U.S. data releases on the schedule.”

Email market news to press@inman.com.

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