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- 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.
- 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.
- 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.
Home equity rates:
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- The market composite index increased 0.2 percent on a seasonally adjusted basis week-over-week.
- The refinance index decreased 2 percent week-over-week.
- The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances was 3.89 percent, an increase from 3.83 percent last week.
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