Check Inman every day for the daily version of this market roundup.
Home equity rates:
Thursday, October 13:
- The 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 13, 2016.
- This is up from last week when it averaged 3.42 percent.
- A year ago, the 30-year FRM averaged 3.82 percent.
- Mortgage applications for new home purchases increased 3 percent year-over-year.
- Applications decreased 7 percent month-over-month.
- Conventional loans comprised 68.8 percent of loan applications.
Wednesday, October 12:
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- 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.
Tuesday, October 11:
- 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.
- 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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