- Retail Trade, Household Consumption (Feb), Population (Feb)
- Mauritius: PPI (Feb-Prelim)
- Business Sentiment Survey (Mar)
- Korea: Building Permits (Feb); Philippines: LFS (Q3); Thailand: PPI (Mar-Press)
- Japan: First Ten Days Trade (Mar), International Trade, Real Trade Indexes (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency
- more updates...
Economy in Brief
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...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller June 29, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 2.6% last week (+38.7% y/y) and reversed the prior week's rise. Purchase applications fell 3.0% (+12.9% y/y) while refinancing applications declined 2.4% (+63.4% y/y).
The effective interest rate on a 15-year mortgage remained little changed at 3.12%. Rates remained down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan was steady at 3.86%, but was down versus 4.28% near year-end. The rate on a Jumbo 30-year loan ticked up to 3.84%. For adjustable 5-year mortgages, the effective interest rate held at 2.99%.
The average mortgage loan size rose to $289,800 (10.4% y/y). For purchases, it increased to $304,400 (4.7% y/y); for refinancings, it rose to $279,300 (19.8% y/y).
Applications for fixed interest rate loans increased 40.4% y/y, while adjustable-rate loan applications gained 10.2% 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)||06/24/16||06/17/16||06/10/16||Y/Y||2015||2014||2013|
|Total Market Index||-2.6||2.9||-2.4||38.7||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||3.12||3.13||3.14||3.13||3.37||3.54||3.42|