- Japan: Index of Business Conditions (Feb-Final), Electric Power Generated (Jan)
- Spain: Services Sector Activity, New Orders and Turnovers (Feb)
- Finland: PPI, Domestic Supply Prices (Mar)
- US: NABE Business Conditions Survey (Q1)
- Indonesia: Non-Oil and Gas Trade (Feb); Taiwan: Labor Market (Mar)
- Egypt: IP (Feb)
- more updates...
Economy in Brief
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U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
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|