- US: ADP Employment Report (Apr)
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- South Africa: Consumer Credit Index (Q1); Botswana: Bank of Botswana Balance Sheet (Jan); Tunisia: CPI (Apr)
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Economy in Brief
U.S. ISM Nonmanufacturing Index Recovers as Activity and New Orders Firm
The Institute for Supply Management (ISM) Composite Index of Nonmanufacturing Sector Business improved to 57.8 during April from an unrevised 56.5 in March...
U.S. Gasoline Prices Continue Moving Higher
Gasoline prices increased 9 cents last week to an average $2.66 per gallon at the pump, the highest level since early-December...
Europe's PPI Gets Ready to Shift
The component year-over-year trends do not show much evidence of a shift in the PPI trend, but...
U.S. Factory Sector Orders Surge With Aircraft
New orders in the manufacturing sector jumped an expected 2.1% (-4.0% y/y) during March following a 0.1% downtick in February...
Europe's Manufacturing PMIs Show or Hold Trend Progress
Germany and the EMU had upward revisions to their weak flash estimates, but the two gauges each still declined in April...
U.S. ISM Manufacturing Index Remains Weak
Factory sector activity garnered no momentum last month following sharp deterioration during the winter...
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