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

Statistical Supplement | July 2006

Statistical Supplement to the Federal Reserve Bulletin, July 2006

1.53 Mortgage Markets, Mortgages on New Homes
Item		2003	2004	2005	2005		2006
Millions of dollars except as noted
Item		2003	2004	2005	Nov	Dec	Jan	Feb	Mar	Apr	May
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	272.1	292.0	326.8	345.6	358.5	337.7	338.1	341.8	335.0	350.0
2	Amount of loan (thousands of dollars)	205.3	215.0	238.5	249.6	260.4	243.4	248.2	254.8	248.2	255.4
3	Loan-to-price ratio (percent)	77.9	76.0	75.3	74.4	74.4	74.4	75.4	76.4	76.5	75.2
4	Maturity (years)	28.7	28.8	29.2	29.5	29.5	28.9	29.3	29.7	29.5	29.5
5	Fees and charges (percent of loan amount)²	.61	.51	.54	.66	.65	.43	.52	.59	.63	.65

	Yield (percent per year)
6	Contract rate¹	5.71	5.68	5.86	6.11	6.30	6.06	6.32	6.45	6.55	6.60
7	Effective rate¹^, ³	5.80	5.75	5.93	6.20	6.39	6.12	6.40	6.53	6.64	6.69
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	5.55	5.45	5.24	5.44	5.59	5.84	5.99
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	898,445	904,555	727,545	715,896	727,545	725,661	721,189	721,544	730,367	733,786
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	16,021	28,760	12,199	11,417	14,165	23,042	18,704

	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	692,758	710,017	704,172	705,320	715,407	723,774	723,068
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	37,837	39,784	33,669	33,231	26,769	26,620	25,446

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: July 27, 2006