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Statistical Supplement | July 2004

Statistical Supplement to the Federal Reserve Bulletin, July 2004
1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2001
 2002
 2003
 2003 2004
Oct Nov Dec Jan Feb Mar Apr
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 245.0 261.1 272.1 273.7 284.6 275.9 263.2 288.0 283.9 292.9
2 Amount of loan (thousands of dollars) 184.2 197.0 205.3 200.8 214.5 206.3 199.0 211.0 198.7 213.6
3 Loan-to-price ratio (percent) 77.3 77.8 77.9 75.8 78.0 77.6 78.1 75.6 72.9 75.5
4 Maturity (years) 28.8 28.9 28.7 28.5 29.0 28.9 29.2 28.6 28.0 28.6
5 Fees and charges (percent of loan amount)2 .67 .62 .61 .62 .69 .66 .54 .59 .45 .50
 
  Yield (percent per year)  
6 Contract rate1 6.90 6.35 5.71 5.83 5.82 5.49 5.40 5.63 5.36 5.42
7 Effective rate1, 3 7.00 6.44 5.80 5.92 5.92 5.59 5.48 5.72 5.42 5.49
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 6.36 5.81 5.03 5.27 5.21 5.16 5.07 5.02 4.80 5.25
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 707,015 794,253 898,438 912,658 906,380 898,438 886,665 882,108 880,911 880,481
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) 270,384 370,641 572,852 27,609 17,596 13,775 8,573 12,170 20,260 27,448
 
  Mortgage commitments (during period)  
15 Issued7 304,084 400,327 522,083 17,455 14,390 11,562 13,814 13,685 30,162 n.a.
16 To sell8 7,586 12,268 33,010 5,142 1,286 3,506 2,118 1,109 751 n.a.
 
Federal Home Loan Mortgage Corporation  
  Mortgage holdings (end of period)8  
17 Total 491,719 568,173 644,436 655,458 646,636 644,436 639,630 637,004 635,565 631,452
18 FHA/VA insured 3,506 4,573 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
19 Conventional 488,213 563,600 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 389,611 547,046 713,260 69,868 39,028 33,871 31,653 26,368 32,651 38,219
 
22 Mortgage commitments contracted (during period)9 417,434 620,981 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: May 13, 2005