- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
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)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
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|