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Daily market update: March 17, 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.

Re/Max March 2016 National Housing Report:

  • Home sales rose 4.8 percent year-over-year.
  • The median sales price rose 5.9 percent year-over-year.
  • We currently have 4.0 months supply of inventory.

NHR_March_2016_2_low

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage averaged 3.73 percent with an average 0.5 point for the week ending March 17, 2016.
  • This is up from 3.68 percent last year.
  • A year ago, the 30-year fixed rate mortgage averaged 3.78 percent.

Freddie Mac's Primary Mortgage Market Survey March 17, 2016

CoreLogic’s March 2016 Market Pulse Report:

As we all know, the real estate industry is hyper-competitive. And because there are few better catalysts for innovation than competition, real estate is constantly blazing new ground. Real estate expansion teams -- teams that do business in multiple markets -- are one of the industry’s latest, and hottest, innovations ...
  • The home price index is up 6.9 percent year-over-year.
  • Home equity is up $6 trillion since the Great Recession.
  • Completed foreclosures are down 16.2 percent year-over-year.

report_highlights_mktpulse_1603_01

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

U.S. Census Bureau and U.S. Department of Housing and Urban Development’s New Residential Construction in February 2016:

  • Privately-owned building permits in February were at a seasonally adjusted annual rate of 1,167,000, 3.1 percent below the revised January rate but 6.3 percent above the February 2015 estimate.
  • Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,178,000, 5.2 percent above January and 30.9 percent above February 2015.
  • Privately-owned housing completions in February were at 1,016,000, 4.2 percent below the revised January estimate but 17.5 percent above the February 2015 rate.

Mortgage Bankers Association’s Weekly Applications Survey:

  • The Market Composite Index (which measures loan application volume) decreased 3.3 percent week-over-week on a seasonally adjusted basis.
  • The Refinance Index decreased 6 percent week-over-week to its lowest level since August 2015.
  • The seasonally adjusted Purchase Index increased 0.3 percent to its highest level since January 2016.

Preliminary Money Anxiety Index for March 2016:

  • The preliminary March index is 62.8, the same as the final reading in February.
  • The jobs market is improving.
  • However, global economic uncertainty is contributing to anxiety.

money-anxiety-index-march2016

Email market reports to press@inman.com.