Check Inman every day for the daily version of this market roundup.
Home equity rates:
- The MCAI decreased 0.4 percent month-over-month to 164.7 in August 2016.
- The Conforming MCAI saw the greatest decrease: 0.9 percent.
- The Government MCAI was down 0.5 percent, and the Conventional MCAI was down 0.2 percent.
- The 30-year fixed-rate mortgage averaged 3.44 percent with an average 0.6 point for the week ending September 8, 2016.
- This is down from last week, when it averaged 3.46 percent.
- A year ago, the average was 3.90 percent
Wednesday, September 7:
- The market composite index increased 0.9 percent on a seasonally adjusted basis from one week earlier.
- Unadjusted, the index decreased 0.1 percent week-over-week.
- The refinance share of mortgage activity increased to 64.0 percent of total applications from 63.5 percent last week.
- The HPSI fell 1.5 points to 85.0 in August.
- Four of the six HPSI components decreased, including the share of consumers who expect prices to go up and the share who say it’s a good time to sell.
- More consumers reported a positive employment outlook, but fewer reported significantly higher household income.
Tuesday, September 6:
- Home prices increased year-over-year by 6 percent in July 2016.
- Month-over-month, prices increased by 1.1 percent.
- The CoreLogic HPI Forecast predicts that home prices will increase by 5.4 percent year-over-year from July 2016 to July 2017.
- There was $518 billion in first-lien mortgage originations in Q2.
- Purchase originations increased 50 percent quarter-over-quarter.
- Refinance originations increased 8 percent quarter-over-quarter.
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