Inman

Daily market update: April 12, 2017

By April 12, 2017 No Comments
REPOSTED DIRECTLY FROM INMAN NEWS. THIS CONTENT HAS NOT BEEN MODERATED BY WFG NATIONAL TITLE.

We’ll add more market news briefs throughout the day. Check back to read the latest.

Most recent market news:

Tuesday, April 11

Zillow Mortgage Rate Ticker

  • The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.84 percent, unchanged from this time last week.
  • The 30-year fixed mortgage rate hovered around 3.86 percent for most of the week before falling to the current rate.

Source: Zillow Mortgage Rate Ticker

“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.

CoreLogic Loan Performance Insights

  • 5.3 percent of homeowners late with mortgage payment in January 2017
  • Early-stage mortgage delinquencies trending lower
  • Mortgage deliquency rate decreased by 1.1 percentage points
  • Foreclosure rate fell to 0.8 Percent

30 days or more delinquent: National view

Source: CoreLogic

  • The 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.

MRIS March Housing Market Update: DC and Baltimore Metro

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.

Home equity rates:

Mortgage rates:

Email market reports to press@inman.com.

The views and opinions of authors expressed in this publication do not necessarily state or reflect those of WFG National Title, its affiliated companies, or their respective management or personnel.

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