Recent Updates
- US: Survey of Consumer Expectations (Feb)
- US: Wholesale Trade (Jan)
- Canada: Investment in Nonres Construction (Jan)
- Montenegro: Wages (Jan)
- Israel: BOP (Q4)
- more updates...
Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 24, 2019
The Mortgage Bankers Association reported that its total Mortgage Applications Index decreased 7.3% (+6.8% y/y) during the week ending April 19. It was the third consecutive weekly drop. Applications to purchase a home fell 4.1% (+2.6% y/y) after rising for six straight weeks, while refinance activity declined 11.0% (+12.9% y/y), down for the third straight week.
The effective interest rate on a 15-year fixed-rate mortgage of 3.98% compared to a high of 4.71% in November 2018. The effective rate on a 30-year fixed-rate loan of 4.59% compared to a November high of 5.33%. The rate on a 30-year Jumbo mortgage edged up to 4.42% and the rate on an adjustable 5-year mortgage rate increased to 4.02%.
The average mortgage loan size declined to $326,300 (+10.2% y/y), down from the record of $381,700 in late-March. For purchases, the average loan size edged up to a near-record $336,600 (6.2% y/y). The average loan refinancing size fell sharply to $310,500 (+18.9% y/y) after reaching record high levels in late-March and early-April. These series date back to 1990.
Applications for fixed-rate loans rose 6.9% y/y while adjustable rate loan applications gained 5.4% 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) | 4/19/2019 | 4/12/2019 | 4/05/2019 | Y/Y | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total Market Index | -7.3 | -3.5 | -5.6 | 6.8 | -10.4 | -17.8 | 15.6 |
Purchase | -4.1 | 0.9 | 0.5 | 2.6 | 2.1 | 5.6 | 13.3 |
Refinancing | -11.0 | -8.2 | -11.4 | 12.9 | -24.3 | -34.0 | 17.3 |
15-Year Mortgage Effective Interest Rate (%) | 3.98 | 3.95 | 3.94 | 4.25 (Apr '18) | 4.35 | 3.59 | 3.22 |