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Statistical Supplement | September 2006

Statistical Supplement to the Federal Reserve Bulletin, September 2006
1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2003
 2004
 2005
 2006
Jan Feb Mar Apr May June July
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 272.1 292.0 326.8 337.7 338.1 341.8 335.0 350.0 355.5 346.0
2 Amount of loan (thousands of dollars) 205.3 215.0 238.5 243.4 248.2 254.8 248.2 255.4 258.5 253.2
3 Loan-to-price ratio (percent) 77.9 76.0 75.3 74.4 75.4 76.4 76.5 75.2 75.0 75.5
4 Maturity (years) 28.7 28.8 29.2 28.9 29.3 29.7 29.5 29.5 29.4 29.2
5 Fees and charges (percent of loan amount)2 .61 .51 .54 .43 .52 .59 .63 .65 .70 .67
 
  Yield (percent per year)  
6 Contract rate1 5.71 5.68 5.86 6.06 6.32 6.45 6.55 6.60 6.69 6.71
7 Effective rate1, 3 5.80 5.75 5.93 6.12 6.40 6.53 6.64 6.69 6.79 6.81
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 5.24 5.44 5.59 5.84 5.99 6.08 6.10
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 898,445 904,555 727,545 725,661 721,189 721,544 730,367 733,786 730,906 731,439
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 12,199 11,417 14,165 23,042 18,704 18,697 15,133
 
  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 644,436 652,936 710,017 704,172 705,320 715,407 723,774 723,068 722,209 711,018
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 33,669 33,231 26,769 26,620 25,446 28,907 30,857
 
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: September 29, 2006