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Daily market update: April 27, 2016

Mortgage rates plus all the latest daily real estate market news

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Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 4.1 percent week-over-week for the week ending April 22, 2016.
  • The refinance share of mortgage activity decreased to 54.4 percent of total applications from 55.4 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.85 percent from 3.83 percent, with points increasing to 0.35 from  0.32 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

S&P/Case-Shiller Home Price Index for February 2016:

  • The index rose 5.3 percent year-over-year in February 2016.
  • Before seasonal adjustment, the index rose 0.2 percent month-over-month in February.
  • The 10-City Composite increased 4.6 percent year-over-year in February.

Money Anxiety Index from March 2016:

  • The Money Anxiety Index increased by 1.3 index points to 64.0 in March 2016.
  • This indicates a higher level of financial stress and anxiety.
  • The increase was attributed to new home sales falling 1.5 percent in March, the third consecutive monthly drop.

 

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Email market reports to press@inman.com.