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Daily market update: March 31, 2016

Mortgage rates plus all the latest daily real estate market news

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

Freddie Mac’s monthly volume summary for February 2016:

  • The total mortgage portfolio increased at an annualized rate of 1.8 percent.
  • Single-family refinance-loan purchase and guarantee volume was $10.9 billion in February.
  • Total number of loan modifications were 3,503 in February 2016 and 6,977 for the two months ended February 29, 2016.

Freddie Mac’s March 2016 monthly outlook:

  • The 30-year mortgage rate will stay below 4 percent until the second half of the year.
  • Multifamily and single-family housing starts will increase by 200,000 units to 1.3 million this year.
  • Home price appreciation should slow to 4.8 percent from 6 percent in 2016.
Housing market index for March 2016

Housing market index for March 2016

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

Freddie Mac’s Multi-Indicator Market Index (MiMi) for January 2016:

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  • The national MiMi is at 82.7, 0.18 percent up from December and 1.46 percent up quarter-over-quarter.
  • On an annual basis, the national MiMi value is up 7.57 percent.
  • On an annual basis, the most improving states were Florida (+16.72%), Colorado (+15.56%), New Jersey (+14.61%), Nevada (+14.21%) and Oregon (+14.04%).

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 1.0 percent (seasonally adjusted) from the previous week.
  • The refinance share of mortgage activity decreased to 52.4 percent of total applications from 53.9 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.94 percent from 3.93 percent.

Email market reports to press@inman.com.