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Daily market update: June 16, 2016

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Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage averaged 3.54 percent with an average 0.5 point.
  • This is down from 3.60 percent last week.
  • One year ago, the 30-year fixed-rate mortgage averaged 4.00 percent.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

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.

Email market reports to press@inman.com.