Check Inman every day for the daily version of this market roundup.
Home equity rates:
- 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.
- 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.
- 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.
Wednesday, September 14:
- Mortgage applications increased 4.2 percent week-over-week on a seasonally adjusted basis.
- On an unadjusted basis, applications decreased 17 percent week-over-week.
- The refinance share of mortgage activity decreased to 62.9 percent of total applications from 64.0 percent the previous week.
Tuesday, September 13:
- Appraised values were 1.56 percent lower than homeowner estimates in August 2016.
- Home values increased 1.73 percent month-over-month in August 2016.
- Year-over-year, values increased 8.13 percent.
- Foreclosure inventory was down 3.9 percent in July 2016 from June 2016.
- Completed foreclosures were down 34,000 in July 2016.
- This is a 16.5 percent year-over-year decline and a 3.9 percent month-over-month decline.
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