Markets & Economy

Daily market update: October 12, 2016

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

Mortgage Bankers Association’s weekly application rates:

  • Mortgage applications decreased 6.0 percent from one week earlier for the week ending October 7, 2016.
  • The refinance share of mortgage activity decreased to 62.4 percent of total applications from 63.8 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.68 percent from 3.62 percent the previous week.

Mortgage rates:

 

Home equity rates:

Most recent market news:

Quicken Loans Home Price Perception Index (HPPI) for September 2016:

  • Appraisals lagged behind homeowner estimates by 1.26 percent in September.
  • This is a smaller gap than recorded in August 2016 — a 1.56 percent gap between perceptions.
  • This is the third consecutive month wherein appraiser and homeowner estimates became more closely aligned.

D-HVI-HPPI-Graphs

CoreLogic’s National Foreclosure Report for August 2016:

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  • Foreclosure inventory was down 3.2 percentage points in August 2016 from July 2016.
  • Foreclosure inventory fell by 30 percentage points year-over-year.
  • This was the 58th consecutive month of year-over-year foreclosure declines.

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Email market reports to press@inman.com.