- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Tom Moeller August 17, 2016
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index declined 4.0% (+31.5% y/y) last week following a 7.1% rise. Purchase applications fell 3.9% (+9.6% y/y), and have been declining steadily since June. Refinancing applications declined 4.2%, but have risen by roughly one-half y/y. The Association reported that refinancings accounted for roughly two-thirds of applications.
The effective interest rate on a 15-year mortgage was little changed at 2.98%, and remained near the lowest level since May 2013. Rates were down from the 3.50% highs of November and December. The effective rate on a 30-year fixed-rate loan also was fairly steady at 3.72%, down from 4.28% near year-end. The rate on a Jumbo 30-year loan eased to 3.68%. For adjustable 5-year mortgages, the effective interest rate was steady at 2.91%.
The average mortgage loan size was little changed at $278,300 (+3.0% y/y). For purchases, it eased to $293,800 (+2.7% y/y); for refinancings, it held steady at $269,100 (4.5% y/y).
Applications for fixed interest rate loans increased 34.7% y/y, while adjustable-rate loan applications declined 12.2% 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.
The minutes to the latest FOMC meeting are available here.
|MBA Mortgage Applications (%, SA)||08/12/16||08/05/16||07/29/16||Y/Y||2015||2014||2013|
|Total Market Index||-4.0||7.1||-3.5||31.5||17.9||-41.4||-24.2|
|15-Year Mortgage Effective Interest Rate (%)||2.98||3.01||3.02||3.43||3.37||3.54||3.42|