Daily market update: September 16, 2016

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Mortgage rates:

 

Home equity rates:

Most recent market news:

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

  • Mortgage applications for new home purchases increased by 5 percent month-over-month.
  • Applications were up 14 percent year-over-year.
  • The average loan size of new homes decreased from $325,843 in July to $325,224 in August.

CoreLogic Home Equity Report for Q2 2016:

  • In Q2 2016, 7.1 percent of mortgaged homes had negative equity.
  • This is an 8.9 percent decrease from the previous quarter.
  • Negative equity value decreased $30.0 billion quarter-over-quarter.

 

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Freddie Mac Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) reached its highest level since June in the week ending September 15, 2016.
  • The 30-year FRM averaged 3.50 percent with an average 0.5 point.
  • This is up from last weeks’ 3.44 percent. Last year this time, the 30-year FRM averaged 3.91 percent.

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Email market reports to press@inman.com.