Markets & Economy

Real estate market recap, July 11-15, 2016

The big news in real estate markets, recapped for your convenience

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Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Friday, July 15:

FNC Residential Price Index for May 2016:

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

Thursday, July 14:

 

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

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  • 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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Wednesday, July 13:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 7.2 percent from one week earlier.
  • The refinance share of mortgage activity increased to 64.0 percent of total applications from 61.6 percent one week earlier.
  • FHA loan applications increased to 10.0 percent of all loans from 9.5 percent one week earlier.

Tuesday, July 12:

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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Monday, July 11:

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).

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