Markets & Economy

Daily market update: August 12, 2016

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Mortgage rates:

 

Home equity rates:

Most recent market news:

Mortgage Bankers Association’s Builder Applications Survey for July 2016:

  • Mortgage applications for new home purchases increased 2.4 percent year-over-year.
  • Applications decreased by 8 percent month-over-month.
  • The average loan size of new homes decreased from $326,175 in June to $325,843 in July.

Mortgage Bankers Association’s National Delinquency Survey:

  • The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to 4.66 percent of all loans at the end of Q2 2016.
  • The percentage of loans on which foreclosure actions were started during the second quarter was 0.32 percent, a decrease of three basis points from the previous quarter, and down eight basis points from one year ago.
  • This foreclosure starts rate was at its lowest level since the second quarter of 2000.

Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending August 11, 2016.
  • This is up from last week when it averaged 3.43 percent.
  • A year ago at this time, the 30-year FRM averaged 3.94 percent.

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