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Daily market update: March 11, 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.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

CoreLogic’s Q4 2015 equity report:

  • 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.

report_highlights_equity_2015_q4_top_01

Mortgage Bankers Association’s New Homes Applications Survey for February 2016:

  • 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.

Freddie Mac’s Primary Mortgage Market Survey:

Agents can do more business with millennials by understanding their preferences and behaviors
  • 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.

freddie-mac-pmms-march10.2016

Email market reports to press@inman.com.