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Economy in Brief
German Consumer Confidence Finally Slips
Germany's consumer climate rating for September fell to 8.6 from 8.9 in August...
U.S. Consumer Confidence Continues To Improve
The Conference Board reported that their reading of consumer confidence improved 2.3% this month to 92.4 (13.0% y/y)...
U.S. Energy Prices Remain Under Pressure
The price for a gallon of regular gasoline declined two cents last week to $3.45...
U.S. Durable Goods Orders Soar With Aircraft Bookings
New orders for durable goods surged 22.6% last month (33.8% y/y) following a 2.7% June gain...
U.S. FHFA Home Price Index Growth Decelerates Y/Y
The FHFA U.S. House Price Index gained 0.4% during June (5.1% y/y) after a 0.2% May increase...
UK CBI Services Survey Weakens but May Not Point to a Slowdown
The U.K. services sector index for growth prospects turned lower in Q3...
by Tom Moeller August 27, 2014
The Mortgage Bankers Association reported that their total Mortgage Market Volume Index rose 2.8% last week (-19.9% y/y) after the prior week's 1.4% gain. Applications were at the highest level since early last month. Applications to refinance an existing loan improved 2.8% (-25.4% y/y) to the highest level since early June. Home purchase applications gained 2.6% (-11.1% y/y) to the highest level in four weeks.
The effective interest rate on a 15-year mortgage of 3.56% remained down from the 3.80% high averaged from July to September last year. The effective rate on a 30-year fixed rate loan remained unchanged at 4.36%, down versus last year's high of 4.79%. The rate on a Jumbo 30-year loan rose to 4.30% and recovered the prior week's dip. For adjustable 5-year mortgages, the effective interest rate ticked higher to 3.29% but was off versus last year's 3.58% peak.
The average mortgage loan size gained to $247,900. For home purchases, the average loan size rose w/w to $271,000 and for refinancings it increased w/w to $229,400.
Applications for fixed interest rate loans declined 20.4% y/y while adjustable rate loan applications were off by 13.0% y/y.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.
|MBA Mortgage Applications (SA, 3/16/90=100)||08/22/14||08/15/14||08/08/14||Y/Y%||2013||2012||2011|
|Total Market Index||352.0||342.4||337.7||-19.9||616.6||813.8||572.3|
|15-Year Mortgage Effective Interest Rate (%)||3.56||3.52||3.56||3.80