Economic Update

Here is the economic update provided my Citi Mortgage

Economic Update

Washington, D.C. (December 5, 2012) - Mortgage applications increased 4.5% from the previous week, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012. These results included an adjustment for the Thanksgiving holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.5% on a seasonally adjusted basis and 49% on an unadjusted basis from the previous week. The Refinance Index increased 6% from the previous week. The seasonally adjusted Purchase Index increased 0.1% and the unadjusted Purchase Index increased 36% from the previous week. The unadjusted Purchase Index was 0.1% lower the same week one year ago.

The refinance share of mortgage activity increased to 83% of total applications from 81% the previous week. The HARP share of refinance applications increased to 27% from 26% the prior week. The adjustable-rate mortgage (ARM) share of activity decreased to 3% of total applications.

December 5, 2012 - Freddie Mac's weekly survey of average mortgage rates saw 30 year fixed rate mortgage loans at 3.34% and .7 discount points. Average 15 year rates were 2.67% and .6 discount points.

December 7, 2012 - The Bureau of Labor Statistics (BLS) released the Employment Situation report for November noting that Hurricane Sandy did not affect the national employment and unemployment figures in today's release. The establishment survey indicated that payroll employment increased by 146,000 with private sector payrolls increasing by 147,000 and a loss of 1,000 in the government sector. Estimates for both September and October were revised downward by a total of 49,000. The household survey indicated that the unemployment rate decreased to 7.7% from 7.9% in October.

Source: Mortgage Banker's Association of America, Freddie Mac, Bureau of Labor Statistics, National Association of Realtors

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Til next time,

 

JC