- New Zealand: International Reserves, Foreign Currency Assets, Liabilities & Flows (Sep); Australia: PPI, Manufacturing Materials Price, and Construction Materials Price (Q3)
- Japan: International Trade, CPI, Labor Force Survey, Input Output Prices (Sep)
- UK: GFK Consumer Confidence (Oct)
- Macao: International Trade (Sep); Korea: Economic Sentiment & Business Survey Index, Credit Card Usage (Sep); Singapore: Resale Price Index (Q3)
- more updates...
Economy in Brief
U.S. Initial Unemployment Claims Fall
Initial claims for unemployment insurance declined to 258,000 (-2.6% y/y) during the week ended October 22...
U.S. Pending Home Sales Rebound
The NAR pending home sales increased 1.5% during September following a 2.5% August decline...
Kansas City Federal Reserve Factory Index Stabilizes; Expectations Strengthen
The Kansas City Fed reported that regional manufacturing sector business activity was unchanged at 6 during October...
Euro Area Money Supply Crawls Higher
Money supply (M2) growth in the EMU slowed its year-on-year pace to 5% in September from 5.2% in August...
U.S. New Home Sales & Prices Recover
Sales of new single-family homes increased 3.1% (29.8% y/y) during September to 593,000 (AR)...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Market Volume Index declined 4.1% last week (+17.9% 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