- 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 January 18, 2017
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index improved 0.8% last week (-12.0% y/y) following a 5.8% jump during the week prior. Purchase applications declined 5.2% (+0.9% y/y) while refinancing applications gained 6.8% (-22 .9% y/y).
The effective interest rate on a 15-year mortgage fell to 3.60%, but remained higher than the July low of 2.97%. The effective rate on a 30-year fixed-rate loan of 4.38% was up from the 3.70% low in early-July. The rate on a Jumbo 30-year loan eased to 4.32%. For adjustable 5-year mortgages, the effective interest rate of 3.52% was higher than the 2.87% low early in July.
The average mortgage loan size rose w/w to $270,100 (-3.9% y/y). For purchases, it rose to $305,900 (3.4% y/y); for refinancings, it gained to $238,400 (-11.9% y/y).
Applications for fixed interest rate loans declined 11.7% y/y, while applications for variable interest rate loans fell 16.6% y/y.
The survey covers over 75% 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)||01/13/17||01/06/17||12/30/16||Y/Y||2016||2015||2014|
|Total Market Index||0.8||5.8||0.1||-12.0||15.6||17.9||-41.4|
|15-Year Mortgage Effective Interest Rate (%)||3.60||3.66||3.74||3.43 (Jan '16)||3.22||3.37||3.54|