FRB: January 2004 Statistical Supplement--Mortgage Markets, Mortgages on New Homes

Statistical Supplement | January 2004

Statistical Supplement to the Federal Reserve Bulletin, January 2004

1.53 Mortgage Markets, Mortgages on New Homes
Item		2000	2001	2002	2003
Millions of dollars except as noted
Item		2000	2001	2002	Apr	May	June	July	Aug	Sept	Oct
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	234.5	245.0	261.1	266.0	275.3	283.3	283.4	280.1	275.6	273.7
2	Amount of loan (thousands of dollars)	177.0	184.2	197.0	205.0	210.7	213.7	214.4	212.1	208.1	200.8
3	Loan-to-price ratio (percent)	77.4	77.3	77.8	78.8	78.7	78.0	78.2	78.0	77.8	75.8
4	Maturity (years)	29.2	28.8	28.9	29.0	28.8	28.8	28.7	28.5	28.8	28.5
5	Fees and charges (percent of loan amount)²	.70	.67	.62	.62	.61	.64	.62	.66	.68	.62

	Yield (percent per year)
6	Contract rate¹	7.41	6.90	6.35	5.83	5.66	5.42	5.44	5.68	5.87	5.83
7	Effective rate¹^, ³	7.52	7.00	6.44	5.92	5.75	5.51	5.53	5.77	5.97	5.92
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	7.57	6.36	5.81	4.97	4.55	4.27	5.02	5.48	5.27	5.27
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	610,122	707,015	790,800	817,894	815,560	812,467	836,104	863,170	917,123	912,658
12	FHA/VA insured	61,539	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
13	Conventional	548,583	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

14	Mortgage transactions purchased (during period)	154,231	270,384	370,641	43,028	43,749	41,182	72,447	82,656	98,804	27,609

	Mortgage commitments (during period)
15	Issued⁷	163,689	304,084	400,327	42,906	75,569	79,172	79,594	46,436	32,701	n.a.
16	To sell⁸	11,786	7,586	12,268	1,479	1,785	3,657	1,915	3,085	4,740	n.a.

Federal Home Loan Mortgage Corporation
	Mortgage holdings (end of period)⁸
17	Total	385,693	491,719	568,173	568,074^r	571,900^r	585,460^r	594,301^r	615,085^r	641,039^r	655,457
18	FHA/VA insured	3,332	3,506	4,573	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
19	Conventional	382,361	488,213	563,600	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.

	Mortgage transactions (during period)
20	Purchases	174,043	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
21	Sales	166,901	389,611	547,046	51,737	66,175	58,124	70,269	91,198	83,982	69,868

22	Mortgage commitments contracted (during period)⁹	169,231	417,434	620,981	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: May 25, 2005