- US: Texas service Sector, Chicago PMI, Milwaukee PMI (Mar)
- US: Wholesale Trade Revisions, Consumer Confidence (Mar), S&P/Case-Shiller Home Prices (Jan), International Investment Position (Q4)
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Economy in Brief
U.S. Gasoline Prices Under Pressure Due to Excess Supply
Gasoline prices dipped a penny last week to $2.45 cents per gallon and remained down by roughly one-third versus a year ago...
Chicago Purchasing Managers Index Stabilizes
Chicago purchasing managers reported that their March Business Barometer Index moved up to 46.3 this month following a sharp decline to an unrevised 45.8 in February...
U.S. Personal Income Increase Continues to Outpace Spending
Personal income rose 0.4% during February (4.5% y/y) following a revised 0.4% January increase...
Dallas Fed Factory Sector Activity Erodes Further
The Dallas Fed reported that its March Composite index of factory sector activity deteriorated to -17.4...
NABE Forecast Calls for Firm and Steady Economic Growth
The NABE forecast of 2.9% growth in U.S. real economic activity next year follows an expected 3.1% rise this year...
U.S. Pending Home Sales Increase Again
The NAR reported that pending sales of single-family homes improved another 3.1% during February following a 1.2% January rise...
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