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Daily market update: June 1, 2016

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Mortgage Bankers Association’s Weekly Applications Survey:

  • The Market Composite Index, a measure of mortgage loan application volume, decreased 4.1 percent on a seasonally adjusted basis from one week earlier.
  • The refinance share of mortgage activity increased to 54.3 percent of total applications from 53.7 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 3.85 percent, with points decreasing to 0.36 from 0.37 (including the origination fee).

U.S. Census Bureau’s April 2016 construction spending:

  • Construction spending during April 2016 was at a seasonally adjusted rate of $1,133.9 billion.
  • This is 1.8 percent below the revised March estimate of $1,155.1 billion.
  • It’s 4.5 percent above the April 2015 estimate of $1,085.0 billion.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

Ten-X’s Residential Real Estate Nowcast for May 2016:

  • May existing home sales will fall between seasonally adjusted annual rates of 5.47 and 5.83 million, with a targeted number of 5.65 million.
  • This is a 3.7 percent increase from April 2016.
  • It also represents a 6.2 percent year-over-year gain.

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S&P/Case-Shiller Home Price Index for March 2016:

  • The national index was at 176.91.
  • This is up 0.72 percent month-over-month.
  • In March 2015, the index was 168.24.

Black Knight Home Price Index for March 2016:

  • The home price index in the United States was $257,000.
  • This is up 1.2 percent from February 2016.
  • It’s also up 5.3 percent from March 2015.

BKFS_HPI_Mar2016_US_hi_res

Email market reports to press@inman.com.