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Statistical Supplement | September 2004

Statistical Supplement to the Federal Reserve Bulletin, September 2004
1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2001
 2002
 2003
 2004
Jan Feb Mar Apr May June July
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 245.0 261.1 272.1 263.2 288.0 283.9 292.9 291.6 288.1 289.2
2 Amount of loan (thousands of dollars) 184.2 197.0 205.3 199.0 211.0 198.7 213.6 213.2 213.2 214.1
3 Loan-to-price ratio (percent) 77.3 77.8 77.9 78.1 75.6 72.9 75.5 75.3 75.8 76.2
4 Maturity (years) 28.8 28.9 28.7 29.2 28.6 28.0 28.6 28.7 28.6 28.9
5 Fees and charges (percent of loan amount)2 .67 .62 .61 .54 .59 .45 .50 .49 .50 .48
 
  Yield (percent per year)  
6 Contract rate1 6.90 6.35 5.71 5.40 5.63 5.36 5.42 5.70 5.73 5.89
7 Effective rate1, 3 7.00 6.44 5.80 5.48 5.72 5.42 5.49 5.77 5.81 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 6.36 5.81 5.03 5.07 5.02 4.80 5.25 5.67 5.66 5.43
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 707,015 794,253 898,445 886,730 882,124 880,911 880,481 878,386 891,210 892,724
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 8,573 12,170 20,260 27,448 26,686 37,164 21,618
 
  Mortgage commitments (during period)  
15 Issued7 304,084 400,327 522,083 13,814 13,685 30,162 30,702 28,982 32,084 n.a.
16 To sell8 7,586 12,268 33,010 2,118 1,109 751 1,842 593 2,415 n.a.
 
Federal Home Loan Mortgage Corporation  
  Mortgage holdings (end of period)8  
17 Total 491,719 568,173 644,436 640,660 638,034 636,595 632,482 634,895 645,185 656,342
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 31,653 26,368 32,651 38,219 41,778 39,022 30,709
 
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 11, 2005