Markets & Economy

Market update June 10, 2015: Home seller survey and mortgage applications

The latest daily real estate market news collected on a single page

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Coldwell Banker home seller survey results:

  • Since 2006, the number of sellers who accepted an offer based on emotion rather than money alone rose to 36 percent.
  • 28 percent of sellers sold their homes in less than two weeks.
  • 47 percent of sellers are receiving multiple offers.
  • 27 percent of sellers are receiving offers above asking price.
  • 46 percent of sellers take the first offer.

The Mortgage Bankers Association’s weekly Mortgage Applications Survey showed:

  • There was an 8.4 percent spike in mortgage applications this week.
  • Purchase activity is up more than 6 percent, and refinance activity is down 5 percent.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.17 percent, its highest level since November 2014, from 4.02 percent.
  • Those 30-year fixed-rate mortgages backed by the Federal Housing Administration increased to 3.9 percent, also the highest level since November 2014, from 3.77 percent.
  • The average rate for 15-year fixed-rate mortgages increased to 3.37 percent, its highest level since November 2014, from 3.27 percent.
  • The average interest rate for 30-year fixed-rate jumbo loans (greater than $417,000) also saw an increase. Those rates rose to 4.15 percent, their highest level since October 2014, from 4.01 percent.

Email market updates to press@inman.com.