Markets & Economy

Daily market update: September 28, 2016

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

CoreLogic MarketPulse Report covering July 2016 data:

  • The home price index rose 6 percent year-over-year in July 2016.
  • The share of homes with negative equity in Q2 2016 was 7.1 percent.
  • The share of homes sold that were classified as “distressed” was 7.8 percent.

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Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 0.7 percent from one week earlier on a seasonally adjusted basis, and decreased 1 percent on an unadjusted basis.
  • The refinance share of mortgage activity decreased to 62.7 percent of total applications from 63.1 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.66 percent from 3.70 percent, with points decreasing to 0.33 from 0.38.

Freddie Mac’s Multi-Indicator Mortgage Index (MiMi) for July 2016:

  • The national MiMi is at 85.1 percent, unchanged from June 2016.
  • On a year-over-year basis, the July MiMi improved 4.70 percent.
  • Since the October 2010 all-time low, the national MiMi has rebounded 43 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

ProTeck’s Home Value Forecast for August 2016:

  • In July, nearly 70 percent of the core-based statistical areas (CSBAs) tracked were listed as “normal” or above.
  • In August, that number rose to more than 76 percent.
  • Only 1.4 percent of CBSAs tracked came in at “weak” or “distressed” in August.

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S&P/CoreLogic/Case-Shiller Home Price Indices for July 2016:

  • There was a 5.1 percent annual gain in July.
  • This is higher than the June 2016 gain of 5.0 percent.
  • The 20-City Composite reported year-over-year gains of 5.0 percent, down from June’s 5.1 percent.

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Email market reports to [email protected].

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