- Peru: GDP, BOP (Q1); Brazil: IPCA-15 (May); Chile: PPI (Apr)
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Economy in Brief
Kansas City Fed's Factory Sector Index Deteriorates To 2009 Low
The Federal Reserve Bank of Kansas City reported that business activity diminished during May...
German GDP Finalizes Slowdown
German GDP is up at a 1.1% annual rate in Q1 2015 and at a 1.0% pace year-over-year...
U.S. Existing Home Sales Fall Back
Sales of existing homes declined 3.3% (+5.5% y/y) to 5.040 million (AR) in April after a 6.5% rise during March to 5.210, million...
Philadelphia Fed Business Conditions Index Furthers Its Sideways Movement
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for May slipped to 6.7 from an unrevised 7.5 in April...
U.S. Leading Economic Indicators Strengthen
The Index of Leading Economic Indicators from the Conference Board increased 0.7% during April (5.6% y/y) following a 0.4% March rise...
U.S. Initial Unemployment Insurance Applications Notch Higher
Initial claims for jobless insurance increased to 274,000 during the week ended March 16 from an unrevised 264,000 in 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