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, March 24
“The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement,” said Sean Becketti, chief economist, Freddie Mac, in a statement.
Thursday, March 23
ATTOM Data Solutions released its Q1 2017 Single Family Rental Market report, which ranks the best U.S. markets for buying single family rental properties in 2017.Counties in Georgia, Maryland, Pennsylvania post highest single family rental returns Among 40 counties with a population of at least 1 million people, those with the highest gross rental yields were Wayne County, Michigan, in the Detroit metro area (17.3 percent); Cuyahoga County, Ohio in the Cleveland metro area (13.2 percent); Allegheny County, Pennsylvania, in the Pittsburgh metro area (10.6 percent); Philadelphia County, Pennsylvania (10.1 percent); and Franklin County, Ohio in the Columbus metro area (9.9 percent). Counties with the lowest annual gross rental yields were Arlington County, Virginia, in the Washington, D.C., metro area (3.4 percent); Williamson County, Tennessee, in the Nashville metro area (3.9 percent); Santa Cruz County, California (4.1 percent); Norfolk County, Massachusetts, in the Boston metro area (4.2 percent); and Santa Clara County, California, in the San Jose metro area (4.2 percent). Along with Santa Clara County, the lowest gross annual rental yields for counties with a population of at least 1 million were in Kings County (Brooklyn), New York (4.4 percent); Orange County, California, south of Los Angeles (4.6 percent); Fairfax County, Virginia, in the Washington, D.C., metro area (4.6 percent); and Queens County, New York (4.7 percent).
Wednesday, March 22
February 2017 Potential Home SalesPotential existing-home sales decreased to a 5.7 million seasonally adjusted, annualized rate (SAAR). This represents an 89.8 percent increase from the market potential low point reached in December 2008. In February, the market potential for existing-home sales fell by 0.5 percent compared with a month ago, a decline of 28,000 (SAAR) sales. Currently, potential existing-home sales is 658,000 (SAAR) or 11.5 percent below the pre-recession peak of market potential, which occurred in July 2005.
Market Performance GapThe market for existing-home sales is underperforming its potential by 2.5 percent or an estimated 142,000 (SAAR) of sales Last month’s revised underperformance gap was 4.5 percent or 260,000 (SAAR) sales.
“Steady income and job growth combined with increased building permit activity has increased the market potential for home sales on an annual basis,” said Mark Fleming, chief economist at First American, in a statement. “Demand from millennials and first-time homebuyers remains robust despite the strong spring sellers’ market and rising rates, resulting in a shrinking underperformance gap, as the market aligns with its potential.”
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