As we roll full-speed into 2017 with ever-present concerns about rising interest rates and the future of the Real Estate market, here are a few recent stats:
- The average 30-year rate for all loans increased to 4.31% in January, up from 4.05% in December. In Sept 2016 they were averaging a very low 3.44%
- Closing time for all loans increased slightly in January to 51 days.
- 69 percent of all closed loans had FICO scores over 700.
- Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,285,000, 4.6 percent above the revised December rate of 1,228,000 and 8.2 percent above the January 2016 rate of 1,188,000.
- Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,246,000, 2.6 percent below the revised December estimate of 1,279,000, but 10.5 percent above the January 2016 rate of 1,128,000.
- Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,047,000, 5.6 percent below the revised December estimate of 1,109,000 and 0.9 percent below the January 2016 rate of 1,056,000.
- Mortgage applications decreased 3.7 percent from one week earlier for the week ending February 10, 2017.
- The refinance share of mortgage activity decreased to 46.9 percent of total applications, its lowest level since June 2009, from 47.9 percent the previous week.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.32 percent from 4.35 percent.
30-Year Fixed Rate Mortgage Rates for the Past