- US: Consumer Sentiment (May-final), GDP & Corporate Profits (Q1-2nd)
- Consumer Sentiment Detail (May-final)
- US: Select NIPA Table (Q1-2nd Est)
- Taiwan: Composite Leading Indicators (Apr) GDP (Q1); China: Industrial Profits Press, Trade in Goods & Services (Apr)
- Switzerland: Job Vacancies Rebased to Q2 2015=100, Employment Barometer (Q1); Malta: Government Finance (Apr)
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Economy in Brief
French Consumer Confidence Last Higher Eight and One Half Years Ago
Although household confidence was last higher eight and one-half year ago, it was exactly this high back in January of this year...
U.S. Pending Home Sales Surge to 10-Year High
The NAR reported that pending sales of single-family homes jumped 5.1% in April (4.6% y/y)...
U.S. Durable Goods Orders' Strength Led by Civilian Aircraft; Capital Spending Weakens
New orders for durable goods jumped 3.4% during April (1.9% y/y)...
U.S. Initial Unemployment Insurance Claims Fall Again
Initial Claims for unemployment insurance declined to 268,000 (-4.6% y/y) during the week ended May 21...
Italian Retail Sales Fall in March Amid Other Signs of Weakness
Recent Italian data have been backtracking...
U.S. FHFA Home Price Index Increase Firms
The U.S. House Price Index, from the Federal Housing Finance Agency (FHFA), increased 0.7% (6.1% 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