- 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 July 20, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index fell 1.3% last week, yet rose roughly two-thirds y/y. Purchase applications declined 2.0% (+15.9% y/y). Refinancing applications eased 0.9%, but more than doubled y/y.
The effective interest rate on a 15-year mortgage held steady at 2.98%, the lowest level since May 2013. Rates remained down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan gained slightly to 3.76%, down from 4.28% near year-end. The rate on a Jumbo 30-year loan also notched higher to 3.75%. For adjustable 5-year mortgages, the effective interest rate rose to 2.97% from 2.87%.
The average mortgage loan size eased to $291,800 (+12.9% y/y). For purchases, it was fairly steady at $297,600 (+3.9% y/y); for refinancings, it declined to $288,500 (+25.0% y/y).
Applications for fixed interest rate loans increased two-thirds y/y, while adjustable-rate loan applications gained 15.2% 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)||07/15/16||07/08/16||07/01/16||Y/Y||2015||2014||2013|
|Total Market Index||-1.3||7.2||14.2||63.1||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||2.98||2.97||3.04||3.49||3.37||3.54||3.42|