AgentBrokerage

Daily market update: May 11, 2016

Mortgage rates plus all the latest daily real estate market news

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.

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Email market reports to press@inman.com.