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Statistical Supplement | March 2008

Statistical Supplement to the Federal Reserve Bulletin, March 2008

1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2005
2006
2007
2007 2008
Aug Sept Oct Nov Dec Jan Feb
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 326.8 345.7 360.7 368.9 358.3 350.7 366.8 347.7 360.2 373.1
2 Amount of loan (thousands of dollars) 238.5 253.4 269.9 282.9 266.5 266.3 273.7 268.8 269.5 275.9
3 Loan-to-price ratio (percent) 75.3 75.4 77.1 78.6 76.9 78.6 77.1 79.4 78.6 78.1
4 Maturity (years) 29.2 29.5 29.4 29.6 29.6 29.4 29.2 29.2 29.0 29.2
5 Fees and charges (percent of loan amount)2 .54 .66 .81 .88 .87 .81 .80 .74 .78 .66
 
  Yield (percent per year)  
6 Contract rate1 5.86 6.50 6.30 6.60 6.45 6.43 6.30 6.10 5.90 5.87
7 Effective rate1, 3 5.93 6.60 6.42 6.73 6.58 6.55 6.42 6.21 6.02 5.96
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 5.13 5.70 5.71 5.90 5.79 5.67 5.38 5.37 5.00 5.19
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 727,545 724,400 723,976 728,886 723,813 732,291 722,032 723,976 720,985 721,579
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) 146,641 196,017 182,470 16,429 11,926 20,957 13,997 12,796 8,913 11,593
 
  Mortgage commitments (during period)  
15 Issued7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
16 To sell8 n.a. 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 710,017 703,629 720,813r 732,219 713,164 703,145 701,352 720,813r 716,932 709,523
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 397,867 360,023 470,976r 35,348 54,262 31,085 34,215 48,210 29,480 42,968
 
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: April 11, 2008