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

Statistical Supplement | August 2004

Statistical Supplement to the Federal Reserve Bulletin, August 2004

1.53 Mortgage Markets, Mortgages on New Homes
Item		2001	2002	2003	2003		2004
Millions of dollars except as noted
Item		2001	2002	2003	Nov	Dec	Jan	Feb	Mar	Apr	May
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	245.0	261.1	272.1	284.6	275.9	263.2	288.0	283.9	292.9	291.6
2	Amount of loan (thousands of dollars)	184.2	197.0	205.3	214.5	206.3	199.0	211.0	198.7	213.6	213.2
3	Loan-to-price ratio (percent)	77.3	77.8	77.9	78.0	77.6	78.1	75.6	72.9	75.5	75.3
4	Maturity (years)	28.8	28.9	28.7	29.0	28.9	29.2	28.6	28.0	28.6	28.7
5	Fees and charges (percent of loan amount)²	.67	.62	.61	.69	.66	.54	.59	.45	.50	.49

	Yield (percent per year)
6	Contract rate¹	6.90	6.35	5.71	5.82	5.49	5.40	5.63	5.36	5.42	5.70
7	Effective rate¹^, ³	7.00	6.44	5.80	5.92	5.59	5.48	5.72	5.42	5.49	5.77
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	5.21	5.16	5.07	5.02	4.80	5.25	5.67
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	707,015	794,253	898,445^r	906,387^r	898,445^r	886,730^r	882,124^r	880,911	880,481	878,386
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	17,596	13,775	8,573	12,170	20,260	27,448	26,686

	Mortgage commitments (during period)
15	Issued⁷	304,084	400,327	522,083	14,390	11,562	13,814	13,685	30,162	n.a.	n.a.
16	To sell⁸	7,586	12,268	33,010	1,286	3,506	2,118	1,109	751	n.a.	n.a.

Federal Home Loan Mortgage Corporation
	Mortgage holdings (end of period)⁸
17	Total	491,719	568,173	644,436	646,636	644,436	640,660^r	638,034^r	636,595^r	632,482^r	634,895
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	39,028	33,871	31,653	26,368	32,651	38,219	41,778

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 12, 2005