- US: Personal Income & Outlays (Aug)
- US: Underlying NIPA Tables (Aug)
- Canada: GDP by Industry (Jul), Industrial/Raw Product Prices (Aug)
- Belgium: Unemployment Rates (Aug)
- Turkey: Fuel Pump Prices, Electricity Demand & Production, Monetary Survey, Deposit Money Banks Loans, Participation Banks, Foreign Trade (Aug)
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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Rise
Initial claims for jobless insurance increased to 254,000 (-8.3% y/y) in the week ended September 24...
U.S. Pending Home Sales Decline
The NAR reported that pending home sales fell 2.4% during August (-0.2% y/y)...
Euro Area Indices Put Bad Month Behind Them
The plotted EU indices show some stabilization and pick up in the most recent data...
U.S. Durable Goods Orders Are Little Changed
New orders for durable goods were fairly stable during August (-1.3% y/y) following a 3.6% July increase...
U.S. Mortgage Loan Applications Ease
The MBA total Mortgage Market Volume Index fell 0.7% last week (+23.9% y/y)...
German Consumer Confidence from GfK Edges Lower But Remains Lofty
Germany's look-ahead consumer confidence indicator from GfK sees a drop in confidence in October...
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