- Korea: Consumer Survey Index (Apr)
- US: Monthly & Quarterly Bankruptcy Filings (QJan-Mar, Q1)
- US: Housing Starts by State and Region (Mar)
- US: Kansas City Fed Mfg Survey (Apr)
- US: Advance Durable Goods (Mar)
- US: Regional Building Permits (Mar and YTD)
- UK: CBI Distributive Trades Survey (Apr)
- South Africa: Leading Indicators (Feb), PPI (Mar);
- more updates...
Economy in Brief
Kansas City Fed Survey Remains Elevated
The Kansas City Fed reported that its April Composite index of 10th District factory sector activity remained firm at 7 versus 10 in March...
U.S. Initial Unemployment Insurance Claims Rise During Easter Week
Difficulties adjusting for the timing of the Easter holiday may be behind last week's rise in initial unemployment insurance claims to 329,000...
Ifo Shows Unexpected Strength as Europe Makes Some Progress
Climate in Germany's Ifo index improved unexpectedly in April...
U.S. New Home Sales Unexpectedly Decline Sharply
New home sales during March fell 14.5% to 384,000 (-13.3% y/y), the lowest level since July...
U.S. Mortgage Loan Applications Decline as Interest Rates Tick Higher
The MBA total Mortgage Market Volume Index declined 3.3% last week (-59.2% y/y)...
Italian Trade Trends: A One Month Back-off
Italian exports and imports are both engaged in a longer-term trend of sweeping upward...
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