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Daily market update: May 5, 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.

First American Homeownership Progress Index for 2015:

  • The 2015 index declined 1.8 percent year-over-year.
  • The index is down 7.6 percent from the peak in 2005.
  • Currently, the index is 0.4 percent above the 25-year low point that was set in 1995.

Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) for April 2016:

  • The MCAI decreased 0.89 percent to 122.4 in April 2016.
  • This indicates that credit standards are tightening.

mcai-april-2016

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

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  • Mortgage applications decreased 3.4 percent from one week earlier.
  • The refinance share of mortgage activity decreased to 52.9 percent of total applications from 54.4 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.87 percent from 3.85 percent.

Email market reports to press@inman.com.