We’ll add more market news briefs throughout the day. Check back to read the latest.
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.
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.
Article image credited to AshDesign / Shutterstock.com
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Everybody knows where the kid-buyers are. Aged 18 to 34, they are missing. “Millennial” is a French word that means “lives with parents.” We all understand: the combination of student loan debt and a tough-entry job market — a gig economy without employer loyalty — and youth is in no position to buy a home or even to form a household.
Long-term rates improved slightly this week, if anything, but the Fed calculus is changing fast toward rate hikes — more and sooner than markets are priced for, and perhaps closer to the Fed’s “damned dots” than any of us have thought.
Our friends at CoreLogic have asked two good questions in a blog this month. First, why so few loan applications by borrowers with low FICO scores today compared to 10 years ago? And, if credit is tighter today than then — as it is, by all testimony — why has the rate of decline of applications fallen?
In this week’s screeching headlines: “Sales of New Homes Reach Eight-Year High, Point to Stronger Economy.” April did have a big month, maybe even a trend-changer, but this is an election year — a crazy one — and everything needs a second look.