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Economy in Brief
U.S. Housing Affordability Fell Back in February, but Still in Recent Range
The NAR U.S. Fixed Rate Mortgage Housing Affordability Index decreased 7.6% (-1.4% y/y) in February to 173.1...
European New Car Registrations Remarkably Strong Yet Forgettable
Car registrations are not going to be the only statistic that bears these dual and seemingly dueling characteristics...
U.S. Retail Sales Soar in March
Total retail sales including food service and drinking establishments increased 9.8% (27.7% y/y) during March...
U.S. Industrial Production Rebounded in March
Industrial production rebounded in March, rising 1.4% m/m (+1.0% y/y)...
U.S. Home Builder Index Edges Higher in April
The NAHB-Wells Fargo Composite Housing Market Index rose 1.2% to 83 during April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller June 17, 2015
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index backpedaled 5.5% last week (+7.7% y/y) and remained one-third below the January peak. Purchase applications decreased 4.2% (+15.0% y/y). Applications to refinance declined 6.9% (+1.6% y/y) and reversed all of the prior week's rise.
The effective interest rate on a 15-year mortgage rose to 3.51%, its highest level since early-October. The effective rate on a 30-year fixed rate loan improved to 4.35%. The rate on a Jumbo 30-year loan was fairly steady at 4.28%. For adjustable 5-year mortgages, the effective interest rate rose to 3.34%, up from April's low of 2.92%.
The average mortgage loan size fell to $261,200 (+6.5% y/y). For purchases, it declined to $290,600 (+4.3% y/y) and for refinancings it eased to $230,200 (+7.5% y/y).
Applications for fixed interest rate loans increased 6.3% y/y, but adjustable rate loan applications declined 11.2% 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) | 06/12/15 | 06/05/15 | 05/29/15 | Y/Y % | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total Market Index | 378.5 | 400.5 | 369.5 | 7.7 | 361.5 | 616.6 | 813.8 |
Purchase | 205.4 | 214.3 | 195.4 | 15.0 | 172.1 | 197.5 | 187.8 |
Refinancing | 1,354.9 | 1,455.2 | 1,360.3 | 1.6 | 1,449.8 | 3,070.0 | 4,505.0 |
15-Year Mortgage Effective Interest Rate (%) | 3.51 | 3.45 | 3.36 | 3.50 (6/14) |
3.54 | 3.42 | 3.25 |