National Data

HOUSING FINANCE

Mortgage Interest Rates iconMortgage Interest Rates

Interest rates on fixed-rate mortgages decreased approximately 16 basis points from the previous quarter and decreased between 32 and 37 basis points from a year ago. The contract mortgage interest rate for 30-year, fixed-rate, conventional mortgages reported by Freddie Mac was 6.81 percent in the second quarter of 2002, 16 basis points lower than the previous quarter and 32 basis points lower than the second quarter of 2001. Adjustable-rate mortgages in the second quarter were going for 4.80 percent, 28 basis points below the previous quarter and 113 basis points below second quarter of 2001. Fixed-rate, 15-year mortgages, at 6.29 percent, were down 17 basis points from the first quarter of this year and down 37 basis points below the second quarter of 2001.

 

Latest Quarter

Previous Quarter

Same Quarter Previous Year

% Change From Previous Quarter

% Change From Last Year

Conventional Fixed-Rate
30-Year

6.81
6.97
7.13
– 2
– 4

Conventional
ARMs

4.80
5.08
5.93
– 6
– 19

Conventional Fixed-Rate 15-Year

6.29
6.46
6.66
– 3
– 6

FHA Fixed-Rate
30-Year*

NA
NA
NA
NA
NA
*Mortgage loan interest rate data on FHA-insured loans are no longer collected by the U.S. Department of Housing and Urban Development.
Sources: Federal Home Loan Mortgage Corporation and Office of Housing, Department of Housing and Urban Development


FHA 1-4 Family Mortgage Insurance* iconFHA 1-4 Family Mortgage Insurance*

Applications for FHA mortgage insurance on 14 family homes were received for 358,300 (not seasonally adjusted) properties in the second quarter of 2002, up 2 percent from the previous quarter but down 22 percent from the second quarter of 2001. Total endorsements or insurance policies issued totaled 314,900, down 11 percent from the first quarter of 2002. Purchase endorsements, at 219,600, were up 1 percent from the previous quarter and were up 18 percent from the second quarter of 2001. Endorsements for refinancings decreased to 95,200, a 31-percent decline from the first quarter, but were up 3 percent from the second quarter a year ago.

 

Latest Quarter

Previous Quarter

Same Quarter Previous Year

% Change From Previous Quarter

% Change From Last Year

Applications Received

358.3
350.4
460.4
+ 2
– 22

Total
Endorsements

314.9
355.6
279.2
– 11
+ 13

Purchase Endorsements

219.6
217.4
186.7
+ 1
+ 18

Refinancing

95.2
138.2
92.5
– 31
+ 3
*Units in thousands of properties.
Source: Office of Housing, Department of Housing and Urban Development


PMI and VA Activity* iconPMI and VA Activity*

Private mortgage insurers issued 564,800 policies or certificates of insurance on conventional mortgage loans during the second quarter of 2002, up 4 percent from the first quarter of 2002 and up 7 percent from the second quarter of 2001; these numbers are not seasonally adjusted. The Department of Veterans Affairs (VA) reported the issuance of mortgage loan guaranties on 71,100 single-family properties in the second quarter of 2002, down 24 percent from the previous quarter and down 2 percent from the second quarter of 2001.

 

Latest Quarter

Previous Quarter

Same Quarter Previous Year

% Change From Previous Quarter

% Change From Last Year

Total PMI Certificates

564.8

543.9

527.9

+ 4

+ 7

Total VA Guaranties

71.1

94.1

72.5

– 24

– 2

*Units in thousands of properties.
Sources: PMI, Mortgage Insurance Companies of America; and VA, Department of Veterans Affairs


Delinquencies and Foreclosures iconDelinquencies and Foreclosures

Total delinquencies were at 4.65 percent at the end of 2002s first quarter, unchanged from the fourth quarter of 2001 but up 6 percent from the first quarter of 2001. Ninety-day delinquencies were at 0.71 percent, down 3 percent from the fourth quarter of 2001 but up 9 percent from the first quarter a year ago. During the first quarter of 2002, 0.37 percent of loans entered foreclosure, unchanged from the fourth quarter of 2001 but up 16 percent from the first quarter of the previous year.

 

Latest Quarter

Previous Quarter

Same Quarter Previous Year

% Change From Previous Quarter

% Change from Last Year

TOTAL PAST
DUE (%)

4.65
4.67
4.37
+ 6

90 DAYS PAST
DUE (%)

0.71
0.73
0.65
– 3
+ 9

FORECLOSURES
STARTED (%)

0.37
0.37
0.32
+ 16
Source: National Delinquency Survey, Mortgage Bankers Association


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