Local Real Estate News

From your local Sacramento neighborhood expert, Carlos Montoya

Real estate daily market update: December 20, 2017

Most recent market news

Wednesday, December 2017

  • The Market Composite Index, a measure of mortgage loan application volume, decreased 4.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week.
  • The Refinance Index decreased 3 percent from the previous week.
  • The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 9 percent compared with the previous week and was 1 percent higher than the same week one year ago.
  • The refinance share of mortgage activity increased to 53.9 percent of total applications, its highest level since December 2016, from 52.4 percent the previous week.
  • The adjustable-rate mortgage (ARM) share of activity remained unchanged at 5.6 percent of total applications.
  • The FHA share of total applications decreased to 11.3 percent from 11.8 percent the week prior.
  • The VA share of total applications increased to 10.9 percent from 10.3 percent the week prior.
  • The USDA share of total applications remained unchanged at 0.7 percent from the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.16 percent from 4.20 percent, with points decreasing to 0.35 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.14 percent from 4.11 percent, with points increasing to 0.30 from 0.28 (including the origination fee) for 80 percent LTV loans.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.11 percent from 4.13 percent, with points increasing to 0.41 from 0.39 (including the origination fee) for 80 percent LTV loans.
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.60 percent from 3.61 percent, with points decreasing to 0.39 from 0.44 (including the origination fee) for 80 percent LTV loans.
  • The average contract interest rate for 5/1 ARMs increased to 3.49 percent from 3.42 percent, with points increasing to 0.52 from 0.48 (including the origination fee) for 80 percent LTV loans.

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