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- Home prices rose 1.1 percent in April month-over-month.
- They were up 5.6 percent year-over-year.
- Foreclosed and REO properties comprised 9.8 percent of existing home sales, down from 11.6 percent in March 2016 and 11.5 percent in April 2015.
- Mortgage applications decreased 2.4 percent from one week earlier.
- The refinance share of mortgage activity increased to 55.3 percent of total applications from 53.8 percent the previous week.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.79 percent from 3.83 percent.
Home equity rates:
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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.
- 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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