- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- more updates...
Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller February 24, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 4.3% last week (+23.8% y/y) following two weeks of strong increase. So far this month, applications have risen 24.9% from January. Purchase applications increased 2.2% w/w (27.0% y/y), but have fallen 2.3% m/m. Refinancing applications declined 7.7% (+21.8% y/y), surged 46.5% m/m.
The effective interest rate on a 15-year mortgage of 3.22% remained down from its November high of 3.55%. The effective rate on a 30-year fixed-rate loan rose w/w to 3.97% and the rate on a Jumbo 30-year loan ticked up to 3.87%. For adjustable 5-year mortgages, the effective interest rate increased w/w to 3.19%, but remained below the 3.32% averaged in November.
The average mortgage loan size fell to $289,200 (+13.7% y/y. For purchases, it declined to $297,600 (+3.0% y/y) and for refinancings, it fell to $283,800 (+21.6% y/y).
Applications for fixed interest rate loans decreased 23.3% y/y while adjustable-rate loan applications improved 38.6% 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)||02/19/16||02/12/16||02/05/16||Y/Y %||2015||2014||2013|
|Total Market Index||521.5||544.9||503.6||23.8||417.8||355.3||607.6|
|15-Year Mortgage Effective Interest Rate (%)||3.22||3.18||3.28||3.31||3.37||3.54||3.42|