Recent Updates
- China: GDP (Q1)
- Euro area: CSPP Holdings Detail (Q1)
- US: Consumer Sentiment (Apr-prelim), New Residential Constr (Mar)
- Hong Kong: Personal Bankruptcy Petitions, Clearing
- more updates...
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 7, 2019
The Mortgage Bankers Association reported that its total Mortgage Applications Index rose 5.3% (46.5% y/y) during the week ending August 2 following five consecutive weeks of decline. Applications to refinance a loan firmed 11.8% and more-than doubled y/y, up 115.9%. Purchase applications were off 2.0% (+6.5% y/y), the fourth consecutive weekly decline.
The effective interest rate, which includes points, on a 15-year fixed-rate mortgage fell w/w to 3.47% from 3.55%. That compared to a high of 4.71% early in November 2018. The effective rate on a 30-year fixed-rate loan eased w/w to 4.11%, remaining below the November high of 5.33%. The effective rate on a 30-year Jumbo mortgage fell to 4.04%. It remained below the October peak of 5.09%. The rate on an adjustable 5-year mortgage dropped to 3.49%. It's recent high was 4.52% averaged last October.
The average mortgage loan size increased w/w to $321,600 (11.2% y/y), remaining below the record of $381,700 in late-March. For purchases, the average loan size fell to $318,300 (+3.3% y/y). The average loan size for refinancings increased to $324,500 (+22.9% y/y). These series date back to 1990.
Applications for fixed-rate loans rose by more than one-half y/y, while adjustable rate loan applications rose 10.5% 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) | 8/2/2019 | 7/26/2019 | 7/19/2019 | Y/Y | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total Market Index | 5.3 | -1.4 | -1.9 | 46.5 | -10.4 | -17.8 | 15.6 |
Purchase | -2.0 | -3.0 | -1.6 | 6.5 | 2.1 | 5.6 | 13.3 |
Refinancing | 11.8 | 0.1 | -2.1 | 115.9 | -24.3 | -34.0 | 17.3 |
15-Year Mortgage Effective Interest Rate (%) | 3.47 | 3.55 | 3.50 | 4.37 (Aug '18) | 4.35 | 3.59 | 3.22 |