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Board of Governors of the Federal Reserve System
Federal Reserve Board of Governors

Federal Reserve BULLETIN

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Figure 1

Figure 1. Volume of home-purchase and refinance originations and average prime offer rate, by month, 2006-11
Period APOR (percentage points) Home purchase (thousands of loans) Refinance (thousands of loans)
January-06 6.212 423.341 450.720
February-06 6.308 456.007 470.822
March-06 6.380 627.104 557.069
April-06 6.508 560.227 484.486
May-06 6.644 660.787 531.911
June-06 6.705 712.837 508.105
July-06 6.814 592.133 465.856
August-06 6.580 650.188 528.052
September-06 6.480 556.139 489.727
October-06 6.390 527.446 557.421
November-06 6.315 491.125 506.591
December-06 6.168 482.988 540.482
January-07 6.250 348.777 472.258
February-07 6.325 361.354 428.871
March-07 6.198 450.065 483.487
April-07 6.220 421.005 474.605
May-07 6.268 468.846 477.200
June-07 6.638 486.944 418.796
July-07 6.730 441.795 380.655
August-07 6.640 453.664 368.962
September-07 6.440 326.901 293.341
October-07 6.432 330.108 355.001
November-07 6.278 299.771 317.040
December-07 6.142 274.037 347.659
January-08 5.823 203.885 319.555
February-08 5.823 228.843 491.228
March-08 6.072 264.208 463.441
April-08 5.958 279.237 425.178
May-08 6.073 308.804 318.158
June-08 6.336 318.454 266.446
July-08 6.463 312.125 213.410
August-08 6.578 294.762 182.138
September-08 6.176 271.843 176.257
October-08 6.195 251.641 221.286
November-08 6.280 183.391 144.156
December-08 5.524 202.499 236.521
January-09 5.105 139.351 463.241
February-09 5.200 155.120 592.968
March-09 5.076 200.408 617.071
April-09 4.875 211.477 618.790
May-09 4.883 233.256 649.150
June-09 5.378 282.803 627.440
July-09 5.275 292.419 463.955
August-09 5.262 262.912 336.873
September-09 5.115 258.261 306.191
October-09 4.993 274.879 339.539
November-09 4.966 261.748 363.608
December-09 4.938 220.305 393.252
January-10 5.130 141.432 313.872
February-10 5.030 153.344 260.173
March-10 5.042 231.703 319.869
April-10 5.163 264.936 288.426
May-10 4.982 279.663 239.933
June-10 4.800 326.766 297.531
July-10 4.630 197.654 366.551
August-10 4.510 201.229 506.854
September-10 4.413 197.760 561.342
October-10 4.318 181.241 604.452
November-10 4.358 174.472 627.236
December-10 4.740 196.390 582.364
January-11 4.844 136.820 433.188
February-11 5.020 139.598 318.756
March-11 4.890 197.610 300.211
April-11 4.918 202.512 252.254
May-11 4.726 221.653 230.320
June-11 4.570 254.361 261.051
July-11 4.595 226.450 268.956
August-11 4.390 241.624 330.921
September-11 4.190 215.458 429.456
October-11 4.124 194.295 501.650
November-11 4.053 186.410 503.952
December-11 4.023 200.063 481.155

Note: The data are monthly. Loans are first- and second-lien mortgages excluding those for multifamily housing. The average prime offer rate (APOR) is published weekly by the Federal Financial Institutions Examination Council. It is an estimate of the annual percentage rate on loans being offered to high-quality prime borrowers based on the contract interest rates and discount points reported by Freddie Mac in its Primary Mortgage Market Survey (www.ffiec.gov/ratespread/newcalc.aspx).

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Figure 2

Figure 2. Credit scores of home-purchase borrowers, by selected credit score percentile, 1999-2011
credit score
Period A. All borrowers B. First-time borrowers
10th 25th Median 75th 90th 10th 25th Median 75th 90th
1999:Q3 581 637 699 751 780 565 616 673 729 761
1999:Q4 579 632 699 754 784 560 610 673 729 762
2000:Q1 577 630 695 752 782 565 608 666 725 763
2000:Q2 580 635 701 755 784 564 611 673 731 765
2000:Q3 582 635 700 755 787 564 612 671 727 763
2000:Q4 579 636 701 755 785 560 614 675 730 764
2001:Q1 586 645 709 759 787 564 618 676 731 765
2001:Q2 591 650 713 762 790 568 616 680 736 768
2001:Q3 590 645 709 759 788 570 619 677 732 766
2001:Q4 595 654 717 765 793 571 624 681 734 766
2002:Q1 592 650 712 761 791 568 623 679 731 764
2002:Q2 587 645 710 761 790 572 620 683 736 767
2002:Q3 600 653 717 764 789 579 628 687 739 769
2002:Q4 604 659 720 765 792 581 629 687 737 767
2003:Q1 603 658 718 762 790 579 632 691 735 766
2003:Q2 605 659 721 764 792 585 632 689 739 767
2003:Q3 612 664 720 766 792 593 641 693 740 769
2003:Q4 595 649 709 757 785 581 628 683 733 763
2004:Q1 592 648 709 760 790 570 623 683 734 765
2004:Q2 595 650 713 763 791 576 624 685 736 768
2004:Q3 591 646 708 758 788 574 624 684 732 765
2004:Q4 589 644 708 758 788 570 617 680 733 763
2005:Q1 575 634 700 756 788 565 613 676 729 763
2005:Q2 591 645 710 760 790 570 615 676.5 731 764
2005:Q3 594 647 711 763 792 573 618 676 731 766
2005:Q4 589 640 704 757 790 569 612 669 724 761
2006:Q1 585 638 704 756 790 567 611 672 726 760
2006:Q2 589 644 709 761 793 570 614 675 729 763
2006:Q3 590 644 710 762 793 574 620 678 733 767
2006:Q4 585 638 703 758 791 568 611 668 724 761
2007:Q1 588 647 710 762 793 572 617 677 731 766
2007:Q2 597 653 717 766 797 577 624 684 736 766
2007:Q3 603 658 721 769 799 583 628 690 741 772
2007:Q4 601 656 719 768 798 579 625 687 739 769
2008:Q1 600 661 724 772 801 575 623 688 739 770
2008:Q2 607 661 728.5 774 802 586 633 695 744 773
2008:Q3 608 661 725 774 802 590 632.5 695 744 775
2008:Q4 608 661 728 773 802 591 636 698 748 775
2009:Q1 618 672 740 783 808 595 642 696 749 778
2009:Q2 629 685 744.5 786 814 613 655 712 755 782
2009:Q3 629 678 739 782 808 613 656 707 751 781
2009:Q4 624 675 735 780 806 611 653 706 749 776
2010:Q1 629 678 739 785 810 606 651 701 749 778
2010:Q2 629 677 735 779 808 612 652 706 748 776
2010:Q3 639 692 752 791 817 613 652 707 752 780
2010:Q4 646 696 751 789 816 619 661 711 754 777
2011:Q1 638 683 744 786 814 614 656 704 749 779
2011:Q2 636 682 740 782 809 617 658 707 750 775
2011:Q3 634 684 743 785 810 617 654 703 750 779
2011:Q4 635 684 744 786 813 615 652 702 748 776

Note: The median is the 50th percentile. Credit score is the Equifax Risk Score 3.0. For more information, see text note 37.

Source: FRBNY/Equifax Consumer Credit Panel.

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Figure 3

Figure 3. Ratio of average income for home-purchase borrowers, as reported under the Home Mortgage Disclosure Act, to average homebuyer income from Census 2000 and to that from the American Community Survey of 2005-06 and 2009-10, by state
Percent
State 2000 2005-06 2009-10
AK Insufficient data Insufficient data Insufficient data
AL 100.29 98.88 111.80
AR 92.60 104.80 102.34
AZ 101.20 115.65 97.71
CA 114.64 151.02 104.18
CO 104.44 110.94 98.03
CT 90.76 106.27 95.91
DC 114.69 109.54 95.61
DE 95.03 112.93 96.01
FL 104.92 127.63 102.22
GA 99.88 105.41 92.46
HI 106.99 144.35 110.80
IA 97.12 104.40 95.59
ID 97.33 117.61 95.95
IL 101.27 114.50 100.41
IN 93.63 98.60 92.93
KS 99.45 102.04 88.59
KY 89.24 110.10 99.29
LA 97.83 102.25 103.53
MA 110.40 136.73 107.85
MD 99.06 112.97 95.23
ME Insufficient data Insufficient data Insufficient data
MI 94.46 101.45 99.11
MN 97.36 114.87 97.34
MO 96.67 101.42 104.29
MS 95.23 109.67 95.10
MT 98.65 106.07 Insufficient data
NC 91.78 105.35 95.59
ND 104.92 Insufficient data Insufficient data
NE 86.98 101.55 92.01
NH Insufficient data Insufficient data Insufficient data
NJ 101.71 121.69 101.20
NM 97.50 117.07 109.18
NV 102.68 134.57 93.62
NY 112.41 133.27 107.02
OH 95.43 103.81 105.10
OK Insufficient data Insufficient data Insufficient data
OR 99.00 129.72 107.25
PA 97.37 102.51 100.40
RI 101.61 123.97 95.93
SC 96.78 117.06 84.81
SD Insufficient data Insufficient data Insufficient data
TN 90.76 101.83 101.90
TX 99.36 106.05 98.99
UT 98.98 110.62 98.76
VA 98.18 105.12 104.19
VT Insufficient data Insufficient data Insufficient data
WA 102.49 114.42 100.09
WI 96.35 112.94 98.47
WV Insufficient data Insufficient data Insufficient data
WY Insufficient data Insufficient data Insufficient data

Note: For information on data calculation, see text.

Source: Federal Financial Institutions Examination Council, data reported under the Home Mortgage Disclosure Act; Census Bureau.

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Last update: December 18, 2012