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Mortgage Bankers’ Association’s Weekly Applications Survey:
- The Market Composite Index increased 0.4 percent week-over-week on a seasonally adjusted basis.
- On an unadjusted basis, the index increased 1 percent week-over-week.
- The average contract interest rate for 30-year fixed-rate mortgages decreased to its lowest level since April 2016, 3.82 percent, from 3.87 percent.
Mortgage rates:
Home equity rates:
Yesterday’s most recent market news:
Quicken Loans’ Home Price Perception Index for April 2016:
- Appraised values were, on average, 1.95 percent less than what homeowners estimated in April.
- In March, appraiser opinions were 2.17 percent lower than homeowner expectations.
- Home values decreased 0.66 percent from March to April but increased 3.79 percent year-over-year in April.
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CoreLogic’s March 2016 Foreclosure Report:
- Foreclosure inventory declined by 23.2 percent year-over-year in March 2016.
- Completed foreclosures declined by 14.9 percent year-over-year.
- The number of completed foreclosures nationwide decreased year over year from 42,000 in March 2015 to 36,000 in March 2016.
Email market reports to press@inman.com.
Article image credited to AshDesign / Shutterstock.com
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From professional housing publications to worried social theorists and city councils, we have today a lot of justifiable hand-wringing about the plight of first-time homebuyers, millennials, renters, low-income, seniors — all sorts of groups confronted with difficulty buying a home.
Long-term Treasury and mortgage rates are declining again. Not far, still hovering about 0.25 percent above the all-time lows, but certainly helpful to housing. Some of the reasons for the drop are traditional economics, but others remind how very strange this era is. The Federal Reserve met this week, and to no one’s surprise, it left alone the overnight cost of money.
No matter how many markets in which any real estate pro has worked, we always know our home towns best. And my market today is in a situation common to most hot markets in the U.S., shedding light on distorted national housing data.
Readers of this site are in or near the real estate business. What is the single most-important thing to us? Money. What kind? Loans. Real estate is more dependent on credit than the rest of the economy put together.