Daily market update: July 15, 2016

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

FNC Residential Price Index for May 2016:

  • May home prices are up 0.7 percent.
  • Year-over-year, prices are up 4.9 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s New Purchase Applications for June 2016:

  • Mortgage applications for new home purchases decreased by 0.2 percent month-over-month.
  • The three-month average loan size was $326,480 in June.
  • Year-over-year, June new home purchases were up 7 percent.

Freddie Mac’s Primary Mortgage Market Survey:

  • 30-year fixed-rate mortgages (FRM) averaged 3.42 percent with an average 0.5 point for the week ending July 14, 2016.
  • This is up from last week when it averaged 3.41 percent.
  • A year ago at this time, the 30-year FRM averaged 4.09 percent.

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July 2016 Re/Max market report:

  • Sales were up 0.7 percent year-over-year and 9.4 percent month-over-month.
  • The median sales price was $229,900 — 2.2 percent higher year-over-year.
  • The number of homes for sale in June fell 15.6 percent year-over-year.

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Email market reports to [email protected].