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Daily market update: March 3, 2016

Mortgage rates plus all the latest daily real estate market news

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

Freddie Mac Primary Mortgage Market Survey:

  • Rates for 30-year fixed-rate mortgages averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016.
  • This is up from last week, when the average was 3.62 percent.
  • It’s down from a year ago, when the average was 3.75 percent.

pmms_chart_march3_2016

Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) for February 2016:

  • The MCAI was unchanged month-over-month at 123.8 in February.
  • Of the four component indices, the Conforming MCAI saw the greatest loosening (up 1.0 percent) over the month.
  • The Government MCAI was up 0.6 percent).

mcai-feb-2016

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

Ten-X Real Estate “Nowcast” for February 2016:

  • Existing home sales for February will fall between a seasonally adjusted annual rate of 5.23 and 5.58 million sales.
  • This sales number is down 1.3 percent month-over-month.
  • However, it is up 10.4 percent year-over-year.

Mortgage Bankers Association’s Weekly Applications Survey:

  • The Market Composite Index, which measures loan application volume, decreased 4.8 percent on a seasonally adjusted basis week-over-week.
  • On an unadjusted basis, the Index increased 7 percent week-over-week.
  • The Refinance Index decreased 7 percent week-over-week, and the refinance share of mortgage activity decreased to its lowest level since January 2016 — 58.6 percent of total applications — from 61.0 percent the previous week.

Email market reports to press@inman.com.

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