- US: Manufacturers' Shipments Inventories and Orders, Employment Situation (Aug)
- US: Establishment Survey Detail (Sep)
- US: Household Survey Detail (Sep)
- Bahrain: Stock Market Indicators (Sep); Morocco: IIP (Q2)
- Spain: Social Security Affiliations, Unemployment (Sep)
- Finland: Owner-Occupied Housing Prices (Q2)
- Russia: Mortgage Loans (Aug), Policy Uncertainty Index, Capacity Utilization (Sep); Croatia: Retail Trade (Aug-Prelim);
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Economy in Brief
EMU PPI Collapses as HICP Turns to Show Deflation
The August PPI in the EMU fell by 0.9% after falling by 0.3% in July...
U.S. Light Vehicle Sales Continue To Improve
Strength in employment and income combined with minimal pricing power continues to generate buying at new car...
U.S. ISM Factory Index Weakens to Two-Year Low; Prices Decline
Activity in the manufacturing sector is continuing to lose steam...
U.S. Construction Spending Improvement Slows Versus A Strong Spring
The value of construction put-in-place increased 0.7% during August following a downwardly revised 0.4% rise in July...
U.S. Initial Claims for Unemployment Insurance Edge Higher W/W; Trend Sideways
Today's Labor Department report on unemployment insurance applications suggests that the job market remains firm...
Japan's Tankan Survey Tails But Holds High
Japan's Tankan survey of large, medium-sized and small firms showed a drop in its bellwether large company index of manufacturers...
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