FRB: August 2008 Statistical Supplement--Mortgage Markets, Mortgages on New Homes

Statistical Supplement | August 2008

Statistical Supplement to the Federal Reserve Bulletin, August 2008

1.53 Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item		2005	2006	2007	2007	2008
Item		2005	2006	2007	Dec	Jan	Feb	Mar	Apr	May	June
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	326.8	345.7	360.7	347.7	360.2	373.1	329.8	346.3	339.4	352.7
2	Amount of loan (thousands of dollars)	238.5	253.4	269.9	268.8	269.5	275.9	248.6	252.4	254.2	258.3
3	Loan-to-price ratio (percent)	75.3	75.4	77.1	79.4	78.6	78.1	77.9	76.4	77.3	75.6
4	Maturity (years)	29.2	29.5	29.4	29.2	29.0	29.2	28.8	28.9	29.2	29.1
5	Fees and charges (percent of loan amount)²	.54	.66	.81	.74	.78	.66	.80	.64	.67	.91

	Yield (percent per year)
6	Contract rate¹	5.86	6.50	6.30	6.10	5.90	5.87	5.80	5.89	5.92	5.99
7	Effective rate¹^, ³	5.93	6.60	6.42	6.21	6.02	5.96	5.92	5.98	6.01	6.13
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	5.13	5.70	5.71	5.37	5.00	5.19	5.16	5.22	5.27	5.76
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	727,545	724,400	723,976	723,976	720,985	721,579	722,768	728,414	736,925	749,640
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)	146,641	196,017	182,470	12,796	8,913	11,593	15,817	17,961	20,001	23,385

	Mortgage commitments (during period)
15	Issued⁷	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
16	To sell⁸	n.a.	n.a.	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	710,017	703,629	720,813	720,813	716,932	709,523	712,462	737,537	770,383	791,798
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	397,867	360,023	470,976	48,210	29,480	42,968	43,526	40,779	47,310	43,981

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: August 29, 2008