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Mortgage Bankers Association’s Builder Applications Survey:
- Mortgage applications for new home purchases decreased 6 percent month-over-month.
- Conventional loans comprised 68.4 percent of loan applications; FHA loans 17.6 percent and VA loans 13.4 percent.
- The average loan size of new homes increased from $325,233 in April to $328,032 in May.
CoreLogic’s National Foreclosure Report for April 2016:
- Completed foreclosures fell 15.8 percent month-over-month in April 2016.
- Foreclosure inventory fell 23.4 percent year-over-year.
- Of all homes with a mortgage, 1.1 percent are in the foreclosure inventory.
Quicken Loans’ Home Price Perception Index for May 2016:
- Home appraisals in May were an average of 1.89 percent lower than homeowner expectations.
- This is a smaller gap than the 1.95 percent difference reported in April.
- Many metros in the West are appraising higher than owners’ estimates.
Fannie Mae’s Lender Mortgage Sentiment Survey for Q2 2016:
- Lenders reported more demand for refinance mortgages from Q1.
- Lenders reported moderate net easing of credit standards across all loan types.
- Lenders reported a net positive profit margin.
Mortgage rates:
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Most recent market news:
CoreLogic Home Equity Report for Q1 2016:
- 268,000 residential properties regained equity in Q1 2016.
- The aggregate value of homes in negative equity was $299.5 billion.
- 8.0 percent of mortgaged homes were in negative equity.
Freddie Mac’s Primary Mortgage Market Rate:
- The 30-year fixed-rate mortgage (FRM) rate fell to 3.6 percent from 3.66 percent.
- A year ago, the 30-year FRM was 4.04 percent.
Email market reports to press@inman.com.