- China: GDP (Q4)
- China: NCI Economic Activity Index (Jan)
- Spain: Import & Export Prices, International Trade Detail (Nov), Motor Vehicle Registrations (Dec)
- Canada: CPI (Dec), Retail Trade (Nov)
- Ireland: Wholesale and Producer Prices (Dec)
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- Estonia: PPI, Import & Export Prices (Dec), Agricultural Output Prices, Building Permits (Q4); Hungary: Wages, Employment (Nov);
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Economy in Brief
German PPI Takes Wing...Even Excluding Energy
Germany's PPI inflation excluding energy is pushing relentlessly higher...
U.S. Housing Starts Reach 2007 High
The housing market exhibited firm growth in 2016...
U.S. Initial Unemployment Claims Fall Sharply
Initial unemployment insurance filings declined to 234,000 during the week ended January 14 from 249,000 in the prior week...
Philadelphia Fed Factory Business Outlook Survey Improves
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.6 during January from December's 19.7...
EMU Current Account Surplus Trumps the Past...All of It
The euro area has set a new record high current account surplus at 36.1 billion euros in November...
U.S. CPI Registers Faster Growth in 2016
The Consumer Price Index during all of 2016 increased 2.1% from December-to-December...
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