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Economy in Brief
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
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Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller February 22, 2017
The Mortgage Bankers Association reported that its total Mortgage Market Volume Index fell 2.0% last week (-28.8% y/y) following a 3.7% decline during the week prior. Purchase applications were off 2.8% (-0.5% y/y) after a 4.5% fall. Refinancing applications eased 1.0% (-45.9% y/y) following a 2.9% decline.
The effective interest rate on a 15-year mortgage was stable at 3.65%, but remained higher than the July low of 2.97%. The effective rate on a 30-year fixed-rate loan of 4.46% was higher than the 3.70% low in early-July. The rate on a Jumbo 30-year loan was stable at 4.37%. For adjustable 5-year mortgages, the effective interest rate of 3.46% was steady w/w, but higher than the 2.87% low early in July.
The average mortgage loan size eased w/w to $277,300 (-4.1% y/y). For purchases, it was steady at $311,300 (4.6% y/y); for refinancings, it declined to $237,700 (-16.2% y/y).
Applications for fixed interest rate loans declined 29.8% y/y, while applications for variable interest rate loans fell 10.9% 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)||02/17/17||02/10/17||02/03/17||Y/Y||2016||2015||2014|
|Total Market Index||-2.0||-3.7||2.3||-28.8||15.6||17.9||-41.4|
|15-Year Mortgage Effective Interest Rate (%)||3.65||3.64||3.64||3.22 (Feb '16)||3.22||3.37||3.54|