AgentBrokerage

Daily market update: July 12, 2016

We’ll add more market news briefs throughout the day. Check back to read the latest.

Quicken Loans Home Price Index/Home Price Perception Index for June 2016:

  • Home values assigned by appraisers were 1.93 percent lower than what homeowners estimated in June.
  • In May, appraised values were 1.89 percent lower than expected.
  • The average home appraisal increased 0.84 percent since May and enjoyed a 4.47 percent boost since June 2015.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Black Knight Mortgage Monitor Report for May 2016:

  • 38 million borrowers now have at least 20 percent equity in their homes, at an average of $116,000 per borrower
  • 2.8 million borrowers remain in negative equity, down 13 percent from last year; nearly five times as many as in 2004
  • Cash-out refinances made up 42 percent of all refinance transactions in Q1 2016; $20 billion in equity extracted

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The Mortgage Bankers Association/Ellie Mae’s Mortgage Credit Availability Index:

  • Mortgage credit availability decreased to 119.8 in June 2016.
  • This is a 1.3 percent decline in credit availability, indicating that credit is tighter.
  • Of the four component indices, the Conventional MCAI saw the greatest tightening (down 2.4 percent) over the month followed by the Conforming MCAI (down 1.8 percent), the Jumbo MCAI (down 0.9 percent), and the Government MCAI (down 0.3 percent).

Total MCAI (1)

Email market reports to press@inman.com.