The Federal Reserve Board eagle logo links to home page

Statistical Supplement | November 2008

Statistical Supplement to the Federal Reserve Bulletin, November 2008
1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2005
 2006
 2007
 2008
Mar Apr May June July Aug Sept
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 326.8 345.7 360.7 329.8 346.3 339.4 352.7 349.1 358.1 353.5
2 Amount of loan (thousands of dollars) 238.5 253.4 269.9 248.6 252.4 254.2 258.3 254.8 261.2 253.4
3 Loan-to-price ratio (percent) 75.3 75.4 77.1 77.9 76.4 77.3 75.6 75.5 75.2 73.9
4 Maturity (years) 29.2 29.5 29.4 28.8 28.9 29.2 29.1 29.3 29.1 28.6
5 Fees and charges (percent of loan amount)2 .54 .66 .81 .80 .64 .67 .91 .94 1.03 1.07
 
  Yield (percent per year)  
6 Contract rate1 5.86 6.50 6.30 5.80 5.89 5.92 5.99 6.15 6.18 5.93
7 Effective rate1, 3 5.93 6.60 6.42 5.92 5.98 6.01 6.13 6.29 6.33 6.09
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 5.16 5.22 5.27 5.76 5.66 5.68 5.20
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 727,545 724,400 723,976 722,768 728,414 736,925 749,640 758,112 759,980 761,396
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 15,817 17,961 20,001 23,385 18,214 13,614 14,572
 
  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 710,017 703,629 720,813 712,462 737,537 770,383 791,798 798,241 760,883 736,876
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 43,526 40,779 47,310 43,981 21,712 22,072 21,994
 
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

Statistical Supplement | November 2008 | Tips for printing wide tables | Symbols and Abbreviations

Accessibility | Contact us
Last update: November 26, 2008