- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
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...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller May 18, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 1.6% last week (+18.7% y/y) following a 0.4% rise during the week prior. Purchase applications fell 5.8% (+11.5% y/y) after slight improvement in the prior week while applications to refinance rose 1.4% (24.4% y/y) after a 0.5% gain.
The effective interest rate on a 15-year mortgage eased to 3.11% following the prior week's decline to 3.15%. Rates remained down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan remained at 3.92%, and was down versus 4.28% near year-end. The rate on a Jumbo 30-year loan was little changed w/w at 3.82%. For adjustable 5-year mortgages, the effective interest rate was little changed at 3.05%.
The average mortgage loan size was fairly steady w/w at $281,500 (5.1% y/y). For purchases, it eased to $303,300 (+1.6% y/y); for refinancings, it was little changed at $263,400 (9.9% y/y).
Applications for fixed interest rate loans increased 19.9% y/y, while adjustable-rate loan applications gained 1.4% 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.
How Many Unemployed People Are Jobless All Month? from the Federal Reserve Bank of St. Louis can be found here.
|MBA Mortgage Applications (%, SA)||05/13/16||05/06/16||04/29/16||Y/Y||2015||2014||2013|
|Total Market Index||-1.6||0.4||-3.4||18.7||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||3.11||3.15||3.22||3.33||3.37||3.54||3.42|