Market update June 18, 2015: Mortgage rates, reverse mortgage index and more

Freddie Mac’s Primary Mortgage Market Survey:

• 30-year fixed-rate mortgages (FRMs) averaged 4 percent this week with an average 0.7 point, down from 4.17 percent a year ago.
• 15-year FRMs averaged 3.23 percent this week, down from 3.3 percent a year ago.
• 5-year adjustable-rate mortgages (ARMs) averaged 3 percent this week with an average 0.4 point. A year ago, the 5-year ARM averaged 3 percent.
• 1-year ARMs averaged 2.53 percent this week, with an average 0.2 point. A year ago, the 1-year ARM averaged 2.41 percent.

The NRMLA/Risk Span Reverse Mortgage Market Index:

• The index has reached 189.67. This is the highest level since the first quarter of 2007.
• There was a $63.5 billion increase in senior home equity in the first quarter of 2015.
• 1Q 2015 was the 12th consecutive quarter in which the index rose.

Re/Max released its June 2015 National Housing Report:

• Completed transactions in May 2015 were 8.9 percent higher than in April and 3.5 percent higher than in May 2014.
• The median sales price of homes sold in May 2015 was $212,910 — that’s 7.8 percent above the median sales price in May 2014.
• The average days on market homes sold in May 2015 was 64, two days below the May 2014 average of 66.

Email market updates to press@sandbox.inman.com.