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- Mortgage applications for new home purchases decreased 6 percent month-over-month.
- Conventional loans comprised 68.4 percent of loan applications; FHA loans 17.6 percent and VA loans 13.4 percent.
- The average loan size of new homes increased from $325,233 in April to $328,032 in May.
- Completed foreclosures fell 15.8 percent month-over-month in April 2016.
- Foreclosure inventory fell 23.4 percent year-over-year.
- Of all homes with a mortgage, 1.1 percent are in the foreclosure inventory.
- Home appraisals in May were an average of 1.89 percent lower than homeowner expectations.
- This is a smaller gap than the 1.95 percent difference reported in April.
- Many metros in the West are appraising higher than owners’ estimates.
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- Lenders reported more demand for refinance mortgages from Q1.
- Lenders reported moderate net easing of credit standards across all loan types.
- Lenders reported a net positive profit margin.
Home equity rates:
Most recent market news:
- 268,000 residential properties regained equity in Q1 2016.
- The aggregate value of homes in negative equity was $299.5 billion.
- 8.0 percent of mortgaged homes were in negative equity.
- The 30-year fixed-rate mortgage (FRM) rate fell to 3.6 percent from 3.66 percent.
- A year ago, the 30-year FRM was 4.04 percent.
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