- UAE: Abu Dabhi PPI (Q1); Tunisia: Industrial Production (Apr); Israel: Housing Loans (May)
- US: Housing Starts by State and Region, New York Fed Coincident Indexes (May)
- France: Registered Unemployed & Job Vacancies (May)
- US: Advance Durable Goods, Final Building Permits (May)
- US: Regional Building Permits (May and YTD)
- Turkey: House Sales (May), Business Tendency Survey, Capacity
- more updates...
Economy in Brief
German IFO Echoes ZEW Optimism But What About Post-Brexit?
The IFO joins the ZEW index with a rise in June...
U.S. New Home Sales and Prices Decline
Strength in the housing market toned down during May. Sales of new single-family homes declined 6.0% to 551,000 (+8.7% y/y)...
U.S. Initial Unemployment Insurance Claims Tumble
Initial unemployment insurance claims declined to 259,000 (+5.3% y/y) during the week ended June 18...
U.S. Leading Economic Indicators Fall
The Conference Board's Composite Index of Leading Economic Indicators fell 0.2% during May (+1.2% y/y)...
Chicago Fed National Activity Index Deteriorates
The National Activity Index from the Chicago Fed declined to -0.51 during May, following one month in positive territory...
Euro Area Flash PMI Steps Back on Weak Services
The manufacturing sector stepped up in June while services stepped back...
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