Daily market update: December 7, 2016

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

Mortgage Banker’s Association’s Weekly Mortgage Applications survey:

  • Mortgage applications decreased 0.7 percent week-over-week for the week ending Dec. 2, 2016.
  • The refinance share of mortgage activity increased to 56.2 percent of total applications from 55.1 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since October 2014, 4.27 percent, from 4.23 percent last week.

Fannie Mae’s Home Purchase Sentiment Index (HPSI) for November 2016:

  • The HPSI decreased in November 2016 for the fourth consecutive month to 81.2.
  • This is down 0.5 points from October 2016.
  • The share of consumers expecting mortgage rates to go down over the next year and those who believe now is a good time to sell a home both fell 6 percentage points.

Mortgage rates:

 

Home equity rates:

Most recent market news:

CoreLogic Home Price Insights for October 2016:

  • The home price index was up 1.1 percent month-over-month in October 2016.
  • The index was also up 6.7 percent year-over-year.
  • National home prices (including distressed sales) are expected to rise 4.6 percent year-over-year in October 2017.

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Email market reports to press@inman.com.