- Realtors Confidence Index Survey (Aug)
- Euro area: Flash Consumer Confidence (Sep)
- US: Existing Home Sales Detail (Aug)
- Italy: *Annual GDP Changed to ESA 2010, Industrial Turnover (Jul)
- US: FRB Chicago National Activity Index (Aug)
- Estonia: PPI (Aug); Montenegro: Wages (Aug); Moldova: Banking Sector Deposits (Aug); Kazakhstan: Loans by Banks (Aug); Lithuania: IP (Aug)
- Luxembourg: Employment and Unemployment (Aug)
- more updates...
Economy in Brief
Chicago Fed National Activity Index Weakens
The Chicago Federal Reserve reported that its National Activity Index (CFNAI) for August eased to -0.21 from a downwardly revised 0.26 in July...
July Italian Orders Sag
Both Italian foreign and domestic orders fell in July...
U.S. Leading Economic Indicators Index Continues to Improve
The Index of Leading Economic Indicators, from the Conference Board, gained 0.2% during August (6.8% y/y) following a revised 1.1% July rise...
Japan's Sector Indices Lose Momentum Again
Japan's economy is losing momentum again...
U.S. Financial Accounts Show Overall Pickup in Credit Market Borrowing
The Federal Reserve's financial accounts data for Q2 show total credit market borrowing at $2.32 trillion annual rate...
U.S. Housing Starts and Building Permits Decline
Housing starts during August slumped 14.4% to 956,000 AR (+8.0% y/y) following a 22.9% July jump to 1,117,000...
by Tom Moeller January 23, 2013
The Mortgage Bankers Association index of total mortgage applications rose 7.0% (15.4% y/y) last week yet still were below the late-September peak. Applications to refinance an existing loan rose another 7.7% (15.3% y/y), adding to the sharp gains in the prior two weeks. Home purchase applications rose a moderate 2.5% (16.3% y/y) following the prior week's 12.9% jump.
Applications for fixed interest rate loans rose 17.5% y/y while adjustable rate loan applications fell 22.0% y/y. The average mortgage loan size was $212,700. The average for home purchases was $250,200 last week while for refinancings it was $204,200. The average size of a fixed rate loan was $199,700 last week and for variable rate loans it was $559,300.
The effective rate on fixed-interest, conventional 15-year mortgages was 2.97% and remained down compared to 3.47% in January. The effective rate on a 30-year fixed rate was 3.74% last week while the rate on a Jumbo 30-year loan was 3.94%. Though it's recently narrowed, the spread between 15- and 30-year loan rates continued wide by historical standards. The effective interest rate on an adjustable 5-year mortgage was roughly stable at 2.73%, down from its 3.93% high during February of last year.
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 covers roughly 50% of all U.S. residential mortgage applications processed each week by mortgage banks, commercial banks and thrifts. The figures for weekly mortgage applications are available in Haver's SURVEYW database.
|MBA Mortgage Applications (SA, 3/16/90=100)||01/18/13||01/11/13||01/04/13||Y/Y%||2012||2011||2010|
|Total Market Index||894.8||836.5||726.4||15.4||813.8||572.3||659.3|
|15-Year Mortgage Effective Interest Rate (%)||2.97||2.95||2.98||3.47