- Switzerland: CPI **Rebased to 2015=100** (Jan)
- Netherland: CPI, HICP **Rebased to 2015=100** (Jan), GDP, Labor Accounts (Q4-Prelim)
- Palestine: Labor Force Survey (Q4); Namibia: CPI (Jan); South Africa: Trade Conditions Survey (Jan), Mining & Manufacturing Production (Dec); Turkey: BOP (Dec); Qatar: CPI (Jan); Jordan: CPI (Jan); Israel: Foreign Trade (Jan)
- Slovenia: Job Vacancies (Q4); Slovakia: Construction, IP (Dec); Estonia: Flash GDP (Q4), Accounts of the Central Bank (Jan);
- more updates...
Economy in Brief
Dutch Retail Sales Continue Their Rebound But Trends Soften
Dutch retail sales have had a rocky time since 2007...
U.S. Home Affordability Is Reduced by Higher Prices
The NAR Composite Index of Home Affordability declined 3.4% during December (-5.4% y/y)...
U.S. Budget Surplus Develops
The U.S. Treasury Department reported a $55.2 billion budget surplus during January versus a $17.5 billion deficit twelve months earlier...
U.S. Wholesale Inventories and Sales Ease
Inventories at the wholesale level ticked 0.1% lower (+1.8% y/y) during December...
French and Italian IP Both Drop
December is showing weak industrial output in the euro area...
U.S. JOLTS: Job Openings Rate Increases to Record High
The job market improved greatly last year...
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