FRB: February 2006 Statistical Supplement--Mortgage Markets, Mortgages on New Homes

Statistical Supplement | February 2006

Statistical Supplement to the Federal Reserve Bulletin, February 2006

1.53 Mortgage Markets, Mortgages on New Homes
Item		2003	2004	2005	2005
Millions of dollars except as noted
Item		2003	2004	2005	June	July	Aug	Sept	Oct	Nov	Dec
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	272.1	292.0	326.8	329.9	330.7	323.1	332.3	338.6	345.6	358.5
2	Amount of loan (thousands of dollars)	205.3	215.0	238.5	238.6	240.4	237.7	243.3	246.3	249.6	260.4
3	Loan-to-price ratio (percent)	77.9	76.0	75.3	74.4	75.1	75.9	75.5	75.1	74.4	74.4
4	Maturity (years)	28.7	28.8	29.2	29.2	29.2	29.1	29.2	29.4	29.5	29.5
5	Fees and charges (percent of loan amount)²	.61	.51	.54	.52	.48	.52	.58	.58	.66	.65

	Yield (percent per year)
6	Contract rate¹	5.71	5.68	5.86	5.69	5.69	5.75	5.91	5.95	6.11	6.30
7	Effective rate¹^, ³	5.80	5.75	5.93	5.76	5.76	5.83	5.99	6.03	6.20	6.39
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	5.03	5.19	5.13	4.81	5.03	5.14	5.06	5.39	5.55	5.45
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	898,445	904,555	727,173	808,225	788,786	768,280	727,824	717,254	715,532	727,173
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)	572,852	262,646	146,641	8,964	9,365	11,564	10,021	10,136	16,021	28,760

	Mortgage commitments (during period)
15	Issued⁷	522,083	149,429	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
16	To sell⁸	33,010	8,828	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	644,436	652,936	710,017	665,003	660,035	677,764	684,530	678,178	692,758^r	710,017
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	713,260	365,148	397,867	29,917	28,633	40,883	43,002	34,986	37,837	39,784

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: March 2, 2006