Daily market update: June 14, 2016

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

Mortgage Bankers Association’s Builder Applications Survey:

  • 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.

CoreLogic’s National Foreclosure Report for April 2016:

  • 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.

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Quicken Loans’ Home Price Perception Index for May 2016:

  • 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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Fannie Mae’s Lender Mortgage Sentiment Survey for Q2 2016:

  • 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.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

CoreLogic Home Equity Report for Q1 2016:

  • 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.

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Freddie Mac’s Primary Mortgage Market Rate:

  • 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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Email market reports to press@inman.com.