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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller January 25, 2017
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index increased 4.0% last week (-15.9% y/y) following a 0.8% rise during the week prior. Purchase applications rebounded 6.0% (2.3% y/y) after a 5.2% fall. Refinancing applications improved 0.2% (-30.6% y/y) following a 6.8% increase.
The effective interest rate on a 15-year mortgage rose to 3.64%, but remained higher than the July low of 2.97%. The effective rate on a 30-year fixed-rate loan of 4.44% was higher than the 3.70% low in early-July. The rate on a Jumbo 30-year loan rose to 4.37%. For adjustable 5-year mortgages the effective interest rate of 3.52% was steady w/w, but higher than the 2.87% low early in July.
The average mortgage loan size rose w/w to $271,800 (-10.4% y/y). For purchases, it rose to $309,200 (3.4% y/y); for refinancings, it declined to $234,500 (-23.4% y/y).
Applications for fixed interest rate loans declined 14.9% y/y, while applications for variable interest rate loans fell 29.8% 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)||01/20/17||01/13/17||01/06/17||Y/Y||2016||2015||2014|
|Total Market Index||4.0||0.8||5.8||-15.9||15.6||17.9||-41.4|
|15-Year Mortgage Effective Interest Rate (%)||3.64||3.60||3.66||3.43 (Jan '16)||3.22||3.37||3.54|