- US: Construction, Personal Income (Jan)
- US: ISM Mfg (Feb)
- Belgium: GDP (Q4)
- Hungary: PMI (Feb); Armenia: GDP by Industry (Q4, 2014), Industrial Production (Jan); Estonia: Government Finance (Jan); Lithuania: Public Finance (Jan); Latvia: Retail Trade (Jan); Kazakhstan: Banks Monetary Survey, Pension Accumulations (Jan); Serbia: GDP (Q4); Croatia: Credit Institutions' Accounts (Jan)
- Italy: Labor Force Survey **Population Revisions** (Jan, Q4)
- more updates...
Economy in Brief
U.S. Personal Income Increase Continues to Outpace Spending
Personal income rose an expected 0.3% during January (4.6% y/y) following an unrevised 0.3% December increase...
U.S. Construction Spending Posts a Surprising Decline
The value of construction put-in-place declined 1.1% during January (+1.8% y/y) following a 0.8% improvement...
U.S. GDP Growth is Revised Lower
Real GDP growth during Q4 2014 was revised down to 2.2% (2.4% y/y) from the advance estimate of a 2.6% gain...
Chicago Purchasing Managers Index Plummets
Chicago purchasing managers indicated that their February Business Barometer Index dropped sharply to 45.8 this month from an unrevised 59.4 in January...
U.S. Pending Home Sales Rebound
The NAR reported that pending sales of single-family homes rebounded 1.7% during January...
Italy's Inflation In An About Face
Suddenly after outright falls for two straight months, Italy's inflation rate is up by 0.6% in February...
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