- US: Livingston Survey (Dec)
- US: Quarterly Services Survey (Q3), MTIS (Oct), Import/Export Prices, Advance Retail Sales (Nov)
- Median Household Income by County (2012)
- US: Import/Export Price Detail (Nov)
- Canada: New Housing Prices (Oct), IIP, Capacity Utilization (Q3)
- Spain: Property Transfers (Oct) Midyear Population (2013)
- Mexico: IP (Oct); Brazil: Retail Trade (Oct)
- Ireland: CPI, HICP (Nov)
- more updates...
Economy in Brief
U.S. Business Inventories Continue to Climb
Total business inventories increased 0.7% in October (3.6% y/y) following a 0.6% September gain...
U.S. Import Prices Decline Further
Import prices declined 0.6% (-1.5% y/y) last month, the same as during October...
U.S. Initial Unemployment Insurance Claims Rebound
Initial claims for unemployment insurance bounced up to 368,000 last week (4.0% y/y) following 300,000 during the week ended November 30...
EMU IP Sags in October
While EMU industrial production is off in October, it still has eked out a small gain over 12-months...
U.S. Budget Deficit Falls; Revenues Advance as Outlays Decline
The Federal Government ran a $135.2 billion budget deficit during November of FY 2014...
U.S. Mortgage Loan Applications Remain Depressed While Rates Rise
The Mortgage Bankers Association reported that their total mortgage market index edged 1.0% higher last week (-57.5% y/y)...
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