Check Inman every day for the daily version of this market roundup.
Home equity rates:
Friday, June 17:
- Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,138,000. This is 0.7 percent above the revised April rate of 1,130,000, but is 10.1 percent below the May 2015 estimate of 1,266,000.
- Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,164,000. This is 0.3 percent below the revised April estimate of 1,167,000, but is 9.5 percent above the May 2015 rate of 1,063,000.
- Privately-owned housing completions in May were at a seasonally adjusted annual rate of 988,000. This is 5.1 percent above the revised April estimate of 940,000, but is 3.5 percent below the May 2015 rate of 1,024,000.
- The 12-month rolling total of starts grew 11.8 percent year-over-year in May to 1,154,800 starts, slightly up from April.
- This represents the most starts in a 12-month period since August 2007.
- Housing starts continue to be a bright spot in an otherwise supply constrained market, and the 12-month rolling total inches up to 80 percent of the 50-year average of 1,443,060 starts.
Thursday, June 16:
- 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.
Wednesday, June 15:
- Home prices nationwide increased 6.2 percent year-over-year in April 2016.
- Prices increased 1.8 percent month-over-month.
- The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from April 2016 to April 2017, and 0.9 percent month-over-month.
- The HPSI increased 1.6 points to 85.3 in May.
- This is a new all-time survey high.
- The net share of consumers who expect that home prices will go up over the next 12 months rose 5 percentage points, followed by a 3 percentage point increase in the net share of consumers who expect mortgage interest rates to go down over the next 12 months.
Tuesday, June 14:
- 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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