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Daily market update: March 15, 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.

Real Trends February 2016 Housing Market Report:

  • Housing sales increased 13.9 percent year-over-year.
  • This is the strongest year-over-year increase since June 2015.
  • Housing prices rose an average of 2.3 percent year-over-year.

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FNC Residential Price Index for January 2016:

  • Year-over-year growth was at a 16-month high since October 2014.
  • Sales were down 0.3 percent from December.
  • However, sales were up 6.4 percent year-over-year from December 2015.

Mortgage rates:

 

Home equity rates:

Last week’s most recent market news:

CoreLogic’s Q4 2015 equity report:

  • 8.5 percent of mortgaged homes are in negative equity.
  • 1 million residential properties regained equity.
  • 9.5 million homes have less than 20 percent equity.

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Mortgage Bankers Association’s New Homes Applications Survey for February 2016:

  • Mortgage applications for new home purchases increased 24 percent month-over-month (unadjusted).
  • Conventional loans comprised 67.7 percent of new-home loan applications; FHA loans 18.7 percent; USDA loans 0.8 percent and VA loans 12.8 percent.
  • The average loan size of new homes increased from $325,806 in January to $328,370 in February.

Freddie Mac’s Primary Mortgage Market Survey:

  • Mortgage rates for a 30-year fixed-rate mortgage (FRM) averaged 3.68 percent with an average 0.5 point for the week ending March 10, 2016.
  • This is up from last week, when it averaged 3.64 percent.
  • It’s down year-over-year, when the 30-year FRM averaged 3.86 percent.

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Email market reports to press@inman.com.

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