- US: Advance Durable Goods, Advance Trade & Inventories (Mar)
- Brazil: PPI (Mar); Mexico: Compensation and Productivity (Feb)
- Canada: Payroll Employment, Earnings, & Hours (Feb)
- Spain: Advanced HICP & CPI, Construction Business Survey Press (Apr)
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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 January 11, 2017
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index jumped 5.8% last week (-4.8% y/y) following a 0.1% uptick during the week prior. Purchase applications surged 6.1% (4.7% y/y) while refinancing applications gained 4.4% (-14.4% y/y).
The effective interest rate on a 15-year mortgage eased to 3.66%, but remained higher than the July low of 2.97%. The effective rate on a 30-year fixed-rate loan of 4.44% was up from the 3.70% low in early-July. The rate on a Jumbo 30-year loan fell to 4.36%. For adjustable 5-year mortgages, the effective interest rate of 3.49% was higher than the 2.87% low early in July.
The average mortgage loan size increased w/w to $264,400 (2.9% y/y). For purchases, it rose to $297,000 (5.8% y/y); for refinancings, it gained to $233,300 (-2.1% y/y).
Applications for fixed interest rate loans declined 5.2% y/y, while applications for variable interest rate loans rose 2.3% 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)||01/06/17||12/30/16||12/23/16||Y/Y||2016||2015||2014|
|Total Market Index||5.8||0.1||-12.1||-4.8||15.6||17.9||-41.4|
|15-Year Mortgage Effective Interest Rate (%)||3.66||3.74||3.79||3.43 (Jan '16)||3.22||3.37||3.54|