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Economy in Brief
U.S. Mortgage Applications Edge Up
The MBA Mortgage Loan Applications Index edged up 0.5% w/w (5.4% y/y) in the week ended February 26...
U.S. Light Vehicle Sales Weaken in February
Sales of light vehicles declined 5.6% during February (-6.7% y/y) to 15.88 million units...
U.S. Gasoline & Crude Oil Prices Continue to Strengthen
The price of regular gasoline strengthened to $2.71 per gallon (11.9% y/y) in the week ended March 1...
Post Covid-19 Turbulence Rocks and Weakens German Retail Sales
German and other European retail sales have been put through a sort of test of fire in the wake of the covid-19 virus arrival...
ISM Manufacturing Index Improves in February as Prices Continue to Strengthen
Factory sector activity recovered last month following moderate weakening in January...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller May 18, 2018
The Mortgage Bankers Association reported that its total Mortgage Applications Volume Index fell 2.7% (-5.6% y/y) last week, following a 0.4% slip during the prior week.
Purchase loan applications declined 2.1% (+3.6% y/y), after little change during the prior week. Applications to refinance were off 3.8% (-16.7% y/y), following a 0.6% decline.
The effective interest rate on a 15-year mortgage was fairly steady w/w at 4.34% and remained up sharply from September's low of 3.46%. The effective rate on a 30-year fixed-rate loan was steady w/w at 4.92%. The rate on a Jumbo 30-year loan rose to 4.83%. For adjustable 5-year mortgages, the effective interest rate increased w/w to 4.29%.
The average mortgage loan size rose to $299,400 (2.7% y/y). For purchases, the average loan size increased to $317,300 (-1.6% y/y); for refinancings, it held steady at $267,400 (8.0% y/y).
Applications for adjustable-rate loans declined 24.3% y/y, while applications for fixed-rate loans fell 3.9% 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) | 05/11/18 | 05/04/18 | 04/27/18 | Y/Y | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total Market Index | -2.7 | -0.4 | -2.5 | -5.6 | -17.8 | 15.6 | 17.9 |
Purchase | -2.1 | -0.2 | -1.6 | 3.6 | 5.6 | 13.3 | 15.5 |
Refinancing | -3.8 | -0.6 | -3.5 | -16.7 | -34.0 | 17.3 | 19.7 |
15-Year Mortgage Effective Interest Rate (%) | 4.34 | 4.32 | 4.33 | 3.56 (May'17) | 3.59 | 3.22 | 3.3 |