- Markit PMI: Manufacturing Survey - Korea (Jul)
- Japan: Loans and Discounts Outstanding (Jun)
- Australia: PMI (Jul), PPI, Manufacturing Materials Price Index, Construction Materials Price Index (Q2)
- China: Manufacturing PMI (Jul); Korea: CPI (Jul)
- US: Employment Cost Index (Q2)
- US: ECI for Selected MSA's (Q2)
- US: Challenger Employment Report (Jul), RBC Consumer Outlook
- more updates...
Economy in Brief
U.S. Initial Unemployment Insurance Claims Recoup Earlier Decline
Initial unemployment insurance claims rebounded to 302,000 (-9.3% y/y) during the week ended July 26...
EMU Unemployment Falls
The rate of unemployment in the EMU fell to 11.5% in June from 11.6% in May...
U.S. GDP Recovery is Surprisingly Brisk
The advance GDP estimate indicated a 4.0% rate of growth during Q2 after a revised 2.1% Q1 decline...
U.S. ADP Employment Increase Throttles Back
The ADP/Moody's National Employment Report indicated a 218,000 rise (2.2% y/y) in July nonfarm private sector jobs...
FOMC Sees Economic Rebound; Pares Back Bond Purchases Further
The Fed indicated that the economy, consumer spending, business investment and job creation each had improve...
EU Indices Take a Step Back in July as the EMU Reading Steps Up
The EU index of economic sentiment fell to 105.8 in July from 106.4 in June...
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