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Economy in Brief
U.S. Existing Home Sales Declined Last Year but Prices Improved
Existing single-family home sales fell 3.1% during all of 2014 to 4.916 million, following three years of positive growth...
U.S. Leading Economic Indicators Continue To Rise
The Index of Leading Economic Indicators from the Conference Board increased 0.5% last month (6.4% y/y) following a 0.4% November rise...
Chicago Fed National Activity Index Pulls Back
The Chicago Fed reported that its National Activity Index (CFNAI) for December declined to -0.05 from its decade's long high of 0.92 in November...
EMU PMI: Best in Four Months...Still Not Very Good
While the EMU flash-gauges rose in January from their December values, Germany saw manufacturing deteriorate...
U.S. FHFA Home Price Index Picks Up Steam
The FHFA U.S. House Price Index increased 0.8% in November following a 0.4% rise during October...
U.S. Initial Claims for Jobless Insurance Ease W/W but Trend Higher
First-time claims for unemployment insurance fell to 307,000 during the week ended January 17 from 317,000 during the prior week...
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