Markets & Economy

Real estate market recap, May 2-6, 2016

The big news in real estate markets, recapped for your convenience

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Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Thursday, May 5:

Mortgage Bankers Association’s Weekly Applications Survey:

  • 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.

Wednesday, May 4:

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.

Tuesday, May 3:

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CoreLogic’s home price index for March 2016:

  • Home prices increased 6.7 percent year-over-year in March 2016.
  • Month over month, prices increased 2.1 percent
  • CoreLogic forecasts that prices will increase 5.3 percent year-over-year in March 2017.

core-logic-hpi-march-2016

Monday, May 2:

U.S. Census Bureau’s construction spending for March 2016:

  • Construction spending during March 2016 was estimated at a seasonally adjusted annual rate of $1,137.5 billion.
  • This is 0.3 percent above the revised February estimate of $1,133.6 billion.
  • The March figure is 8.0 percent above the March 2015 estimate of $1,052.9 billion.

Black Knight March 2016 Mortgage Monitor Report:

  • Mortgage delinquencies fell by 8 percent in March, with the national rate hitting 4.08 percent.
  • Prepayment speeds jumped 46 percent from February, hitting their highest point since June 2015.
  • Total non-current inventory (loans 30 or more days past due or in foreclosure) has fallen over half a million loans from last year and is now below 2.7 million.

black-knight-march-2016

Ten-X Residential Real Estate Nowcast for April 2016:

  • Existing home sales will fall between seasonally adjusted rates of 5.3 and 5.7 million.
  • This would be a 3.6 increase from March.
  • It would also indicate a 7.4 percent year-over-year gain.

Email market news to press@inman.com.