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Daily market update: March 2, 2016

Mortgage rates plus all the latest daily real estate market news

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

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.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

U.S. Census Bureau’s January 2016 Construction Spending:

  • Spending on private construction was at a seasonally adjusted rate of $831.4 billion.
  • This is 0.5 percent above the revised December estimate of $827.3 billion.
  • Residential construction was $433.2 billion in January, the same month-over-month as December.

CoreLogic’s January 2016 Home Price Insights Report:

  • Home prices rose 1.3 percent month-over-month.
  • Home prices rose 6.9 percent year-over-year.
  • This is the 47th month of consecutive year-over-year increase, but the returns are no longer double-digit.

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Email market reports to press@inman.com.