Daily market update: May 11, 2016

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

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:

[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

Home equity rates:

[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]

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[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]

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.

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.