FRB: September 2007 Statistical Supplement--Mortgage Markets, Mortgages on New Homes

Statistical Supplement | September 2007

Statistical Supplement to the Federal Reserve Bulletin, September 2007

1.53 Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item		2004	2005	2006	2007
Item		2004	2005	2006	Feb	Mar	Apr	May	June	July	Aug
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	292.0	326.8	345.7	361.9	369.0	368.4	355.0	357.9	356.1	368.9
2	Amount of loan (thousands of dollars)	215.0	238.5	253.4	270.3	270.5	268.8	265.8	267.2	270.1	282.9
3	Loan-to-price ratio (percent)	76.0	75.3	75.4	76.3	75.3	76.3	77.0	76.7	77.6	78.6
4	Maturity (years)	28.8	29.2	29.5	29.5	29.3	29.5	29.4	29.5	29.4	29.6
5	Fees and charges (percent of loan amount)²	.51	.54	.66	.74	.79	.82	.76	.88	.85	.88

	Yield (percent per year)
6	Contract rate¹	5.68	5.86	6.50	6.20	6.10	6.09	6.11	6.41	6.58	6.60
7	Effective rate¹^, ³	5.75	5.93	6.60	6.31	6.22	6.21	6.22	6.54	6.70	6.73
8	Contract rate (HUD series)⁴	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Secondary Markets
	Yield (percent per year)
9	FHA mortgages (section 203)⁵	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
10	GNMA securities⁶	5.19	5.13	5.70	5.64	5.52	5.64	5.73	6.15	6.10	5.90
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	904,555	727,545	724,400	712,145	712,806	710,586	718,257	722,475	729,840	728,886
12	FHA/VA insured	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
13	Conventional	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

14	Mortgage transactions purchased (during period)	262,646	146,641	196,017	10,359	16,452	9,964	21,776	16,936	21,219	16,429

	Mortgage commitments (during period)
15	Issued⁷	149,429	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
16	To sell⁸	8,828	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

Federal Home Loan Mortgage Corporation
	Mortgage holdings (end of period)⁸
17	Total	652,936	710,017	703,629	709,175	714,454	709,220	711,449	712,136	720,629	732,219
18	FHA/VA insured	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
19	Conventional	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

	Mortgage transactions (during period)
20	Purchases	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
21	Sales	365,148	397,867	360,023	38,962	38,694	35,336	40,648	40,818	35,483	35,348

22	Mortgage commitments contracted (during period)⁹	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. Return to table

2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. Return to table

3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. Return to table

4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. Return to table

5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. Return to table

6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Return to table

7. Does not include standby commitments issued but includes standby commitments converted. Return to table

8. Includes participation loans as well as whole loans. Return to table

9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Return to table

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Last update: October 11, 2007