- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Sandy Batten April 19, 2017
The Mortgage Bankers Association reported that its total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y) in the week of April 14, more than reversing the 1.5% w/w rise in the preceding week. Refinancing applications were relatively steady, edging up just 0.2% w/w but continued their sharp annual decline--down 41.5% y/y. Purchase applications fell 3.4% w/w (-1.0% y/y) after posting three consecutive weekly increases.
The effective interest rate on a 15-year mortgage edged up to 3.60% from 3.59% the previous week while the effective rate on a 30-year fixed-rate loan continued to ease, to 4.32%. The rate on a Jumbo 30-year loan fell 11 basis points to 4.21%, its lowest level since November 2016. For adjustable 5-year mortgages, the effective interest rate slipped to 3.36% from 3.39% the previous week.
The average mortgage loan size edged down from the previous week to $288,700 (+3.8% y/y). For purchases, loan size slipped $6,000 to $312,700 (+4.0% y/y); for refinancings, it rose nearly $6,000 to $256,000 (-1.5% y/y).
Recent diversion of trends in the breakdown of applications into adjustable and fixed interest rates continued. Applications for adjustable rate loans increased 25.0% y/y, while applications for fixed rate loans declined 27.5% y/y.
The survey covers over 75% 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)||04/14/17||04/07/17||03/31/17||Y/Y||2016||2015||2014|
|Total Market Index||-1.8||1.5||-1.6||-24.9||15.6||17.9||-41.4|
|15-Year Mortgage Effective Interest Rate (%)||3.60||3.59||3.66||3.18 (April '16)||3.22||3.37||3.54|