Markets & Economy

Daily market update: July 29, 2016

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

First American June 2016 Loan Application Defect Index:

  • The index decreased 1.4 percent in June from May.
  • Year-over-year, the index decreased 12.2 percent.
  • At the high point of risk in October 2013, the index measured 29.4 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s weekly applications survey:

  • Mortgage applications decreased 11.2 percent from one week earlier.
  • The Refinance Index decreased 15 percent week-over-week.
  • The seasonally adjusted Purchase Index decreased 3 percent week-over-week to its lowest level since February 2016.

Federal Housing Finance Agency’s mortgage rate indices for June 2016:

  • Interest rates on conventional mortgages were little changed from May 2016 to June 2016.
  • The average interest rate on all mortgage loans was 3.70 percent.
  • The average loan amount was $333,900 in June, up $4,400 from May.

July_2016_MIRS

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

  • The national MiMi value stands at 85.
  • This is up 1.05 percent month-over-month and 2.39 percent quarter-over-quarter.
  • Year-over-year, the MiMi is up 7.30 percent.

Email market reports to press@inman.com.