Daily market update: June 15, 2016

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

FNC Residential Home Price Index for April 2016:

  • 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.

 

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Mortgage Bankers Association’s Weekly Applications Survey:

  • 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.

Mortgage rates:

 

Home equity rates:

Most recent market news:

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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