- Canada: Government Finance (Jun)
- US: Consumer Sentiment (Aug-fin), GDP & Corporate Profits (Q2-2nd), Advance Trade and Inventories (Jul)
- Consumer Sentiment Detail (Aug-final)
- Japan: *CPI rebased from 2010=100 to 2015=100.*
- Germany: IFO Business Climate Survey (Aug)
- UK: GDP (Q2 - Second Release), Index of Services (Jun)
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Economy in Brief
Euro Area Money and Credit Policy: A Total Bust
Despite best efforts to boost growth inflation money and credit, the ECB's `whatever it takes' kitchen sink policies are not getting traction...
U.S. Durable Goods Orders Increase Is Broad-Based
New orders for durable goods rose 4.4% during July (-3.3% y/y) following a 4.2% June decline...
U.S. Initial Unemployment Insurance Applications Decline
Initial claims for unemployment insurance eased to 261,000 (-4.0% y/y) during the week ended August 20...
German IFO Survey Fades
All components of the IFO index except construction demonstrated a significant monthly fade in August...
U.S. Existing Home Sales and Prices Weaken Unexpectedly
Sales of existing homes declined 3.2% (-1.6% y/y) during July to 5.390 million units (AR)...
U.S. FHFA House Price Index Loses Momentum
The FHFA index of U.S. house prices rose a modest 0.2% in June for the third consecutive month...
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