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- Lenders reported that purchase demand decreased significantly during the past three months.
- Refinance mortgage demand was expected to increase significantly in the next quarter.
- On net, lenders reported tightening of credit standards for government loans for the first time since Q3 2014.
Home equity rates:
Yesterday’s most recent market news:
- Sales of new single-family homes were at a seasonally adjusted annual rate of 512,000.
- This is 2.0 percent higher than January but 6.1 percent below the February 2015 estimate.
- The median sales price of new homes sold in February 2016 was $301,400; the average sales price was $348,900.
- The total U.S. loan delinquency rate was 4.45 percent, down 12.57 percent month-over-month and 15.93 percent year-over-year.
- The total foreclosure pre-sale inventory rate was 1.30 percent, down 0.64 percent month-over-month and 24.59 percent year-over-year.
- The total foreclosure starts were 84,300, up 17.25 percent month-over-month and 9.20 percent year-over-year.
- Mortgage applications decreased 3.3 percent week-over-week on a seasonally adjusted basis.
- The refinance share of mortgage activity decreased to 53.9 percent of total applications from 55.0 percent the previous week.
- The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances decreased to 3.93 percent from 3.94 percent the previous week.
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