Recent Updates

  • Thailand: Agricultural Price Index, Rice Exports Quantity (Apr); Korea: International Investment Position, External Debt (Q1)
  • Japan: Financial Institutions Accounts (Mar)
  • New Zealand: International Trade (Apr), Australia: Job Vacancy Report (Apr), Construction Work Done (Q1)
  • US: New Residential Sales (Apr)
  • Flash PMI - Japan, Germany, France, Euro Area, US (May)
  • Spain: International Trade Summary and by End Use (Mar), Automobile
  • more updates...

Economy in Brief

U.S. Mortgage Loan Applications & Interest Rates Are Little Changed W/W
by Tom Moeller  March 9, 2016

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index notched 0.2% higher last week (20.0% y/y) following two weeks of sharp decline. Purchase applications jumped 4.2% (30.1% y/y) after a 0.6% dip, while refinancing applications dropped 2.3% (+13.3% y/y), the third consecutive week of sharp decline.

The effective interest rate on a 15-year mortgage of 3.2% remained down from the 3.5% highs of November and December. The effective rate on a 30-year fixed-rate loan of 4.0% also was lower versus 4.3% near year-end. The rate on a Jumbo 30-year loan similarly remained down at 3.90%. For adjustable 5-year mortgages the effective interest rate rose w/w to 3.31%, up versus the 3.0% low early last month.

The average mortgage loan size declined to $280,900 (+6.8% y/y). For purchases it rose to $302,900 (2.7% y/y), but for refinancings it fell to $264,000 (+9.2% y/y).

Applications for fixed interest rate loans increased 20.3% y/y while adjustable-rate loan applications improved 9.6% 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) 03/04/16 02/26/16 02/19/16 Y/Y % 2015 2014 2013
Total Market Index 497.3 496.5 521.5 20.0 417.8 355.3 607.6
 Purchase 225.7 216.7 217.9 30.1 195.0 169.8 195.8
 Refinancing 2,055.9 2,104.5 2,267.4 13.3 1,735.2 1,449.8 3,070.0
15-Year Mortgage Effective Interest Rate (%) 3.24 3.21 3.22 3.31 3.37 3.54 3.42
close
large image