- Korea: Small Business Health Index (Jun); Taiwan: WPI, CPI, Export & Import Price Indexes (Jun); Philippines: CPI (Jun), PPI (May); Vietnam FDI by Industry (Jun)
- UK: BCC Quarterly Economic Survey (Q2)
- Australia: Overseas Arrivals and Departures (May), PCI (Jun); New Zealand: NZIER Business Opinion Survey (Q2)
- US: FRB Labor Market Conditions (Jun)
- US: ISM Non-Mfg (Jun)
- more updates...
Economy in Brief
U.S. Labor Market Conditions Index Remains Weak
During June, the change in the index remained roughly stable at 0.8...
German Orders Sink Slowly in May as Foreign Orders Stay Firm
German overall orders fell by 0.2% in May after rising strongly by 2.2% in April...
U.S. Payroll Employment and Earnings Gains Ease; Unemployment Rate Falls to Seven-Year Low
Nonfarm payroll employment during June increased 223,000 (2.1% y/y) following a downwardly revised 254,000 May rise...
U.S. Initial Jobless Insurance Claims Nudge Higher
Initial unemployment insurance claims gained to 281,000 (-10.7% y/y) in the week ended June 27...
Euro Area PPI Inflation Still Falls Year-on-Year
In May the PPI excluding construction was dead flat...
U.S. Light Vehicle Sales Backpedal; Trucks Share Improves
Total sales of light vehicles declined 3.5% during June to 17.16 million units (+1.5% 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