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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 August 19, 2015
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index increased 3.6% last week (20.4% y/y) to the highest level in three months. Applications to refinance increased 7.2% (21.2% y/y) as interest rates remained low but purchase applications declined 1.1% (+19.4% y/y), down for the second straight week.
The effective interest rate on a 15-year mortgage held steady at 3.46%. The effective rate on a 30-year fixed rate loan also held at 4.21% though the rate on a Jumbo 30-year loan eased to 4.12%. For adjustable 5-year mortgages, the effective interest rate declined to 3.12%.
The average mortgage loan size increased to $270,200 (10.6% y/y). For purchases, it eased to $286,100 (+6.3% y/y) but for refinancings it jumped to $257,600 (15.1% y/y).
Applications for fixed interest rate loans increased 21.4% y/y while adjustable rate loan applications improved 6.3% 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) | 08/14/15 | 08/07/15 | 07/31/15 | Y/Y % | 2014 | 2013 | 2012 |
---|---|---|---|---|---|---|---|
Total Market Index | 411.7 | 397.5 | 397.2 | 20.4 | 361.5 | 616.6 | 813.8 |
Purchase | 195.3 | 197.4 | 204.6 | 19.4 | 172.1 | 197.5 | 187.8 |
Refinancing | 1,646.0 | 1,534.8 | 1,488.8 | 21.2 | 1,449.8 | 3,070.0 | 4,505.0 |
15-Year Mortgage Effective Interest Rate (%) | 3.46 | 3.48 | 3.46 | 3.56 (8/14) |
3.54 | 3.42 | 3.25 |