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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 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|