Check Inman every day for the daily version of this market roundup.
Home equity rates:
Thursday, June 30:
- Average fixed mortgage rates dropped to 3.48 percent.
- This is 17 basis points from the November 2012 all-time record low: 3.31 percent.
- Last week, average 30-year fixed-rate mortgages were 3.56 percent.
3 tips for thriving in a changing market
As the market shifts, your strategy needs to adjust READ MORE
- Existing home sales will fall between seasonally adjusted annual rates of 5.38 and 5.74 million, with a targeted number of 5.56 million.
- This is a slight 0.5 percent increase from May.
- It also indicates a 1.4 percent year-over-year gain.
Wednesday, June 29:
- 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.
- 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.
- 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.
- 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.
Tuesday, June 28:
- 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.
- 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.
Monday, June 27:
- First-time homebuyers accounted for 40.8 percent of home purchases in May.
- This is the highest level seen in more than five years.
- Real estate owned properties and short sales accounted for a combined 18.0 percent share of home sales in May, down from a 20.3 percent share in May 2015.
- The U.S. home price index was at $260,000.
- This is up 30.4 percent from the market’s bottom and is 2.9 percent lower than the June 2006 market peak.
- Washington led all states with 1.9 percent appreciation month-over-month.
Email market news to firstname.lastname@example.org.