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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
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...
by Tom Moeller May 11, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index nudged 0.4% higher last week (18.9% y/y) following a 3.4% decline. Purchase applications also improved 0.4% (14.0% y/y) after little change in the prior week while application to refinance rose 0.5% (23.0% y/y) after a 5.5% drop.
The effective interest rate on a 15-year mortgage fell to 3.15%, and reversed the prior week's rise. Rates remained down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan of 3.92% also was lower versus 4.28% near year-end. The rate on a Jumbo 30-year loan was little changed w/w at 3.83%. For adjustable 5-year mortgages, the effective interest rate was 3.01%.
The average mortgage loan size increased w/w to $283,700 (5.5% y/y). For purchases, it rose to $305,200 (2.2% y/y); for refinancings, it firmed to $264,400 (10.1% y/y).
Applications for fixed interest rate loans increased 19.6% y/y, while adjustable-rate loan applications rose 8.0% 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.
Consumers' Income Growth Expectations Strengthen, Labor Market Expectations Weaken Slightly from the Federal Reserve Bank of New York is available here.
|MBA Mortgage Applications (%, SA)||05/06/16||04/29/16||04/22/16||Y/Y||2015||2014||2013|
|Total Market Index||0.4||-3.4||-4.1||18.9||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||3.15||3.22||3.18||3.33||3.37||3.54||3.42|