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- Philippines: Loans Oustanding of Philippine Banking System (Oct)
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Economy in Brief
German Trade Data Tell a Tale of Two Germanys
Germany's October trade report is better than expected...
U.S. Nonfarm Payroll Growth Rebounds; Wages Firm & Jobless Rate Eases
The labor market firmed during November...
U.S. Consumer Credit Usage Accelerates
Consumer Credit Outstanding increased $18.90 billion (4.8% y/y during October...
U.S. Wholesale Inventories Edge Up While Sales Slump
Wholesale inventories edged up 0.1% m/m (+3.8% y/y) in October...
U.S. Trade Deficit Shrinks as Imports Fall Sharply
The U.S. trade deficit in goods and services declined to $47.20 billion during October...
by Tom Moeller November 17, 2004
Mortgage applications rose 4.3% last week and reversed nearly all of the prior week's decline, according to the Mortgage Bankers Association (MBA).
Applications to refinance jumped 10.7%, up 74.3% from the early June low.
Purchase applications slipped for the second week but a late month jump lifted the November average so far 5.0% versus October. During the last ten years there has been a 60% correlation between the y/y change in purchase applications and the change in new plus existing home sales.
The effective interest rate on a conventional 30-year mortgage was about stable at 5.95%. It averaged 5.92% in October. The effective rate on a 15-year mortgage also was about stable at 5.40%.
The Mortgage Bankers Association surveys between 20 to 35 of the top lenders in the U.S. housing industry to derive its refinance, purchase and market indexes. The weekly survey accounts for more than 40% of all applications processed each week by mortgage lenders. Visit the Mortgage Bankers Association site here.
MBA Mortgage Applications (3/16/90=100) | 11/12/04 | 11/05/04 | Y/Y | 2003 | 2002 | 2001 |
---|---|---|---|---|---|---|
Total Market Index | 758.3 | 727.3 | 14.3% | 1,067.9 | 799.7 | 625.6 |
Purchase | 480.3 | 483.0 | 12.8% | 395.1 | 354.7 | 304.9 |
Refinancing | 2,375.4 | 2,148.7 | 16.2% | 4,981.8 | 3,388.0 | 2,491.0 |