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:

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.