Recent Updates

  • Flash PMI: France, Germany, Euro Area (Sep); Manufacturing Survey - US (Sep); Composite Survey - US (Sep); Services Survey - US (Sep)
  • Canada: CPI (Aug), Retail Trade (Jul)
  • Investment in Fixed Assets (Aug)
  • Mauritius: PPI (Q2); Lebanon: CPI (Aug); Morocco: CPI (Aug)
  • France: GDP, Consumer Credit (Q2-Final)
  • Labor & Export Surveys (Sep)
  • Mexico: GDP by Expenditure (Q2), Semimonthly CPI (Sep);
  • more updates...

Economy in Brief

U.S. Mortgage Loan Applications Fall Further
by Tom Moeller  July 12, 2017

The Mortgage Bankers Association reported that its total Mortgage Applications Volume Index declined 7.4% (-37.0% y/y) in the week ended July 7, following a 1.4% rise. It was the lowest level of applications since mid-February. Purchase applications fell 2.5% (+3.5% y/y) after a 3.1% decline. Applications to refinance were off 13.0% (-57.8% y/y) after a 0.4% slip.

The effective interest rate on a 15-year mortgage increased to 3.61%, the highest level since early-May. The effective rate on a 30-year fixed-rate loan rose to 4.34%. The rate on a Jumbo 30-year loan increased to 4.28%. For adjustable 5-year mortgages, the effective interest rate eased to 3.44%.

The average mortgage loan size fell to $280,500 (-4.9% y/y). For purchases loan size dropped sharply to $305,100 (+2.1% y/y); for refinancings, it plunged to $246,500 (-15.9% y/y).

Applications for adjustable rate loans declined 18.3% y/y, while applications for fixed rate loans fell 38.1% 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) 07/07/17 06/30/17 06/23/17 Y/Y 2016 2015 2014
Total Market Index -7.4 1.4 -6.2 -37.0 15.6 17.9 -41.4
 Purchase -2.5 3.1 -4.1 3.5 13.3 15.5 -12.9
 Refinancing -13.0 -0.4 -8.6 -57.8 17.3 19.7 -52.8
15-Year Mortgage Effective Interest Rate (%) 3.61 3.51 3.48 3.01 (July '16) 3.22 3.37 3.54
close
large image