Daily market update: June 29, 2016

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We’ll add more market news briefs throughout the day. Check back to read the latest.’s ‘Mortgage Rates Radar’:

  • The average rate for conforming 30-year fixed-rate mortgages rose by one basis point (0.01 percent) week-over-week to 3.61 percent.
  • The average rate for conforming 5/1-year adjustable-rate mortgage rose by one basis point (0.01 percent) week-over-week to 2.85 percent.

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Freddie Mac’s Multi-Indicator Market Index (MiMi):

  • The national MiMi value stands at 84.1.
  • This is up 0.27 percent from March to April.
  • On a year-over-year basis, the national MiMi value has improved 7.37 percent.

Mortgage Bankers Association’s Weekly Applications Survey:

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  • The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier.
  • On an unadjusted basis, the Index decreased 3 percent compared with the previous week.
  • The refinance share of mortgage activity increased to 58.1 percent of total applications from 57.7 percent the previous week.

Federal Housing Finance Agency’s mortgage interest rates for May 2016:

  • The index for the national average contract mortgage rate for previously occupied homes by combined lenders was 3.70 percent for loans closed in late May, down 5 basis points from 3.75 percent in April.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.89 percent, down 5 basis points from 3.94 in April.
  • The average loan amount for all loans was $329,500 in May, up $7,100 from $322,400 in April.
National Average Contract Mortgage Rate for Previously Occupied Homes May 2015 - May 2016

National Average Contract Mortgage Rate for Previously Occupied Homes May 2015 – May 2016

Mortgage rates:


Home equity rates:

Most recent market news:

The Conference Board’s Consumer Confidence Index for June 2016:

  • The index for June stands at 98.0.
  • This is up from 92.4 in May.
  • The Present Situation Index increased from 113.2 to 118.3, while the Expectations Index rose from 78.5 to 84.5 in June.

S&P/Case-Shiller Home Price Indices for April 2016:

  • The National Home Price Index, covering all nine U.S. census divisions, reported a 5.0 percent year-over-year gain in April.
  • This is a slower rate than March’s 5.1 percent annual gain.
  • Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0 percent in April.


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