- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller May 5, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 3.4% last week (+14.3% y/y) following a 4.1% decline. For all of April, applications rose 5.6% versus March following that month's 7.9% shortfall. Applications to refinance fell 5.5% (+15.1% y/y), about as they did during the prior week. In April, refinance applications increased 7.3% from March, following a 14.7% shortfall. Purchase applications were little-changed w/w (+13.3% y/y). In April, these applications rose the same 4.0% m/m as in March.
The effective interest rate on a 15-year mortgage rose slightly to 3.22%, but remained down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan of 3.97% also was lower versus 4.28% near year-end. The rate on a Jumbo 30-year loan similarly remained down at 3.88%. For adjustable 5-year mortgages, the effective interest rate was 3.03%.
The average mortgage loan size declined w/w to $276,400 (+2.7% y/y). For purchases, it eased to $303,600 (2.1% y/y); for refinancings, it declined to $252,100 (+3.5% y/y).
Applications for fixed interest rate loans increased 15.4% y/y, while adjustable-rate loan applications declined 1.9% 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)||04/29/16||04/22/16||04/15/16||Y/Y||2015||2014||2013|
|Total Market Index||-3.4||-4.1||1.3||14.3||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||3.22||3.18||3.14||3.21||3.37||3.54||3.42|