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- Markit PMI: Flash Manufacturing Survey - China, Japan, France, Germany, Euro Area (Aug)
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Economy in Brief
UK Orders Jump
Industrial orders in the U.K. saw the net order gauge rise to 11 in August...
U.S. Consumer Price Inflation Touches Five-Month Low
The consumer price index ticked 0.1% higher (2.0%% y/y) during July following a 0.3% June gain...
U.S. Energy Prices Continue to Decline
The price for a gallon of regular gasoline declined four cents last week to $3.47...
U.S. Housing Starts Recover to Eight-Month High
Housing starts during July jumped 15.7% to 1,093,000 AR (21.7% y/y) following a 4.0% June decline to 945,000...
UK PPI Gain Is Weaker Than Expected
UK factory prices rose less than expected, gaining 0.2% in July...
U.S. Home Builders Index Climbs To Six-Month High
The NAHB-Wells Fargo U.S. Composite Housing Market Index improved to 55 during August from an unrevised from 53 in July...
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