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Economy in Brief
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
U.S. Mortgage Loan Applications Rebound; Interest Rates Steady
The MBA total Mortgage Applications Volume Index increased 4.9% last week (1.0% y/y), ...
by Tom Moeller April 1, 2015
The Mortgage Bankers Association reported that their total Mortgage Market Volume Index gained 4.6% last week (28.1% y/y) and remained at the highest level since early-February. Purchase applications led the way up with a 5.7% w/w increase (7.6% y/y). Refinance applications improved 3.9% (44.4% y/y).
The effective interest rate on a 15-year mortgage remained unchanged at 3.29%, the lowest level in six weeks. The effective rate on a 30-year fixed rate loan also was steady at 4.00%. The rate on a Jumbo 30-year loan ticked up to 4.00%. For adjustable 5-year mortgages, the effective interest rate dipped to 3.08%.
The average mortgage loan size remained high at $275,600 (17.1% y/y). For purchases it slipped to $291,800 (6.8% y/y). For refinancings it edged higher to $264,800 (31.5% y/y).
Applications for fixed interest rate loans increased 31.6% y/y but adjustable rate loan applications declined 11.4% y/y.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.
MBA Mortgage Applications (SA, 3/16/90=100) | 03/27/15 | 03/20/15 | 03/13/15 | Y/Y % | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total Market Index | 457.0 | 437.1 | 399.3 | 28.1 | 361.5 | 616.6 | 813.8 |
Purchase | 188.9 | 178.7 | 170.4 | 7.6 | 172.1 | 197.5 | 187.8 |
Refinancing | 2,008.7 | 1,932.5 | 1,720.3 | 44.4 | 1,449.8 | 3,070.0 | 4,505.0 |
15-Year Mortgage Effective Interest Rate (%) | 3.29 | 3.29 | 3.36 | 3.64 (3/14) |
3.54 | 3.42 | 3.25 |