Federal Reserve

BULLETIN

Figure 2

Figure 2. Spreads on Treasury bonds, 2006-09
Percentage points

Period	1-year	5-year
10 Feb 2006	-.14	-.01
17 Feb 2006	-.14	-.03
24 Feb 2006	-.21	-.10
3 Mar 2006	-.16	-.08
10 Mar 2006	-.05	-.04
17 Mar 2006	-.03	.06
24 Mar 2006	-.05	.05
31 Mar 2006	.01	.05
7 Apr 2006	.09	.10
14 Apr 2006	.14	.14
21 Apr 2006	.20	.19
28 Apr 2006	.21	.20
5 May 2006	.24	.22
12 May 2006	.21	.19
19 May 2006	.24	.22
26 May 2006	.16	.20
2 Jun 2006	.15	.19
9 Jun 2006	.03	.12
16 Jun 2006	-.04	.07
23 Jun 2006	-.03	.05
30 Jun 2006	-.02	.07
7 Jul 2006	-.05	.08
14 Jul 2006	-.10	.08
21 Jul 2006	-.11	.08
28 Jul 2006	-.07	.12
4 Aug 2006	-.05	.16
11 Aug 2006	-.05	.17
18 Aug 2006	-.07	.18
25 Aug 2006	-.12	.18
1 Sep 2006	-.12	.18
8 Sep 2006	-.08	.21
15 Sep 2006	-.10	.19
22 Sep 2006	-.14	.17
29 Sep 2006	-.17	.17
6 Oct 2006	-.13	.21
13 Oct 2006	-.12	.17
20 Oct 2006	-.14	.16
27 Oct 2006	-.18	.15
3 Nov 2006	-.26	.14
10 Nov 2006	-.29	.12
17 Nov 2006	-.33	.09
24 Nov 2006	-.35	.08
1 Dec 2006	-.37	.10
8 Dec 2006	-.30	.16
15 Dec 2006	-.28	.14
22 Dec 2006	-.23	.17
29 Dec 2006	-.21	.13
5 Jan 2007	-.22	.11
12 Jan 2007	-.24	.09
19 Jan 2007	-.22	.10
26 Jan 2007	-.18	.10
2 Feb 2007	-.15	.10
9 Feb 2007	-.21	.10
16 Feb 2007	-.23	.10
23 Feb 2007	-.25	.11
2 Mar 2007	-.29	.16
9 Mar 2007	-.26	.18
16 Mar 2007	-.24	.23
23 Mar 2007	-.19	.26
30 Mar 2007	-.08	.31
6 Apr 2007	-.07	.29
13 Apr 2007	-.05	.26
20 Apr 2007	-.08	.25
27 Apr 2007	-.06	.28
4 May 2007	-.08	.27
11 May 2007	-.07	.26
18 May 2007	.04	.24
25 May 2007	.04	.22
1 Jun 2007	.06	.16
8 Jun 2007	.14	.14
15 Jun 2007	.31	.16
22 Jun 2007	.30	.21
29 Jun 2007	.25	.22
6 Jul 2007	.20	.19
13 Jul 2007	.20	.20
20 Jul 2007	.13	.19
27 Jul 2007	.10	.27
3 Aug 2007	.08	.31
10 Aug 2007	.19	.37
17 Aug 2007	.54	.56
24 Aug 2007	.78	.60
31 Aug 2007	.55	.57
7 Sep 2007	.51	.62
14 Sep 2007	.54	.57
21 Sep 2007	.72	.58
28 Sep 2007	.82	.61
5 Oct 2007	.68	.55
12 Oct 2007	.64	.50
19 Oct 2007	.68	.59
26 Oct 2007	.70	.63
2 Nov 2007	.74	.63
9 Nov 2007	.93	.76
16 Nov 2007	.99	.80
23 Nov 2007	1.16	.98
30 Nov 2007	1.11	.97
7 Dec 2007	1.26	1.08
14 Dec 2007	1.37	1.08
21 Dec 2007	1.26	1.02
28 Dec 2007	1.19	.98
4 Jan 2008	1.20	1.09
11 Jan 2008	1.33	1.24
18 Jan 2008	1.47	1.33
25 Jan 2008	1.97	1.54
1 Feb 2008	2.12	1.51
8 Feb 2008	2.32	1.68
15 Feb 2008	2.49	1.80
22 Feb 2008	2.51	1.72
29 Feb 2008	2.61	1.79
7 Mar 2008	2.87	2.02
14 Mar 2008	2.92	1.97
21 Mar 2008	2.91	1.92
28 Mar 2008	2.73	1.75
4 Apr 2008	2.73	1.72
11 Apr 2008	2.71	1.68
18 Apr 2008	2.80	1.68
25 Apr 2008	2.64	1.47
2 May 2008	2.60	1.43
9 May 2008	2.63	1.50
16 May 2008	2.51	1.46
23 May 2008	2.48	1.45
30 May 2008	2.52	1.35
6 Jun 2008	2.54	1.42
13 Jun 2008	2.21	1.15
20 Jun 2008	2.18	1.11
27 Jun 2008	2.17	1.13
4 Jul 2008	2.18	1.21
11 Jul 2008	2.22	1.29
18 Jul 2008	2.36	1.31
25 Jul 2008	2.33	1.22
1 Aug 2008	2.31	1.30
8 Aug 2008	2.37	1.36
15 Aug 2008	2.36	1.36
22 Aug 2008	2.33	1.38
29 Aug 2008	2.23	1.34
5 Sep 2008	2.23	1.38
12 Sep 2008	2.19	1.32
19 Sep 2008	2.47	1.47
26 Sep 2008	2.45	1.38
3 Oct 2008	2.60	1.42
10 Oct 2008	2.84	1.45
17 Oct 2008	3.02	1.37
24 Oct 2008	2.47	1.49
31 Oct 2008	2.80	1.47
7 Nov 2008	2.98	1.66
14 Nov 2008	3.12	1.83
21 Nov 2008	2.97	1.81
28 Nov 2008	2.67	1.54
5 Dec 2008	2.46	1.52
12 Dec 2008	2.59	1.47
19 Dec 2008	2.27	1.36
26 Dec 2008	2.22	1.12
2 Jan 2009	2.31	1.13
9 Jan 2009	2.59	1.41
16 Jan 2009	2.50	1.51
23 Jan 2009	2.74	1.59
30 Jan 2009	2.96	1.71
6 Feb 2009	3.08	1.74
13 Feb 2009	2.97	1.74
20 Feb 2009	2.92	1.77
27 Feb 2009	2.88	1.63
6 Mar 2009	2.92	1.73
13 Mar 2009	2.95	1.72
20 Mar 2009	3.05	1.94
27 Mar 2009	3.07	1.90
3 Apr 2009	3.01	1.86
10 Apr 2009	3.12	1.84
17 Apr 2009	3.15	1.91
24 Apr 2009	3.27	1.90
1 May 2009	3.49	2.01
8 May 2009	3.62	2.06
15 May 2009	3.60	2.11
22 May 2009	3.77	2.11
29 May 2009	3.99	2.10
5 Jun 2009	4.04	1.96
12 Jun 2009	4.12	1.80
19 Jun 2009	4.04	1.79
26 Jun 2009	3.90	1.72
3 Jul 2009	3.79	1.82
10 Jul 2009	3.81	1.96
17 Jul 2009	3.94	1.99
24 Jul 2009	4.02	2.01
31 Jul 2009	4.00	1.86
7 Aug 2009	4.03	1.79
14 Aug 2009	4.00	1.82
21 Aug 2009	3.87	1.84
28 Aug 2009	3.78	1.75
4 Sep 2009	3.76	1.85
11 Sep 2009	3.85	1.91
18 Sep 2009	3.84	1.81
25 Sep 2009	3.77	1.77
2 Oct 2009	3.63	1.74
9 Oct 2009	3.72	1.84
16 Oct 2009	3.89	1.89
23 Oct 2009	3.83	1.84
30 Oct 2009	3.91	1.89
6 Nov 2009	4.00	2.01
13 Nov 2009	4.07	2.10
20 Nov 2009	3.99	2.09
27 Nov 2009	3.98	2.13
4 Dec 2009	4.00	2.19
11 Dec 2009	4.12	2.26
18 Dec 2009	4.11	2.17
25 Dec 2009	4.20

Note: The data are weekly, and the spreads are over 30-year Treasury bonds. Prior to mid-February 2006, the 30-year Treasury bond was not available, and the data are missing.

Source: Federal Reserve Board, Statistical Release H.15, www.federalreserve.gov/releases/h15/current/h15.htm.

Return to Figure

Figure 3

Figure 3. HMDA price-reporting threshold, interest rates for fixed- and adjustable-rate loans, and spreads between the threshold and such rates, 2006-09
Percentage points

Period	APR			Spread
	HMDA threshold	30-year fixed	5-year adjustable	30-year fixed	5-year adjustable
January 2, 2006	7.75	6.27	6.65	1.48	1.10
January 9, 2006	7.75	6.26	6.67	1.49	1.08
January 16, 2006	7.59	6.21	6.67	1.38	.92
January 23, 2006	7.59	6.15	6.68	1.44	.91
January 30, 2006	7.59	6.17	6.71	1.42	.88
February 6, 2006	7.59	6.28	6.82	1.31	.77
February 13, 2006	7.59	6.30	6.88	1.29	.71
February 20, 2006	7.58	6.33	6.91	1.25	.67
February 27, 2006	7.58	6.32	6.93	1.26	.65
March 6, 2006	7.58	6.30	6.95	1.28	.63
March 13, 2006	7.58	6.43	7.00	1.15	.58
March 20, 2006	7.75	6.41	6.97	1.34	.78
March 27, 2006	7.75	6.38	6.98	1.37	.77
April 3, 2006	7.75	6.40	7.01	1.35	.74
April 10, 2006	7.75	6.49	7.06	1.26	.69
April 17, 2006	8.11	6.55	7.11	1.56	1.00
April 24, 2006	8.11	6.59	7.13	1.52	.98
May 1, 2006	8.11	6.63	7.17	1.48	.94
May 8, 2006	8.11	6.65	7.20	1.46	.91
May 15, 2006	8.26	6.63	7.19	1.63	1.07
May 22, 2006	8.26	6.65	7.19	1.61	1.07
May 29, 2006	8.26	6.66	7.18	1.60	1.08
June 5, 2006	8.26	6.71	7.23	1.55	1.03
June 12, 2006	8.26	6.67	7.19	1.59	1.07
June 19, 2006	8.13	6.68	7.26	1.45	.87
June 26, 2006	8.13	6.76	7.37	1.37	.76
July 3, 2006	8.13	6.83	7.42	1.30	.71
July 10, 2006	8.13	6.84	7.42	1.29	.71
July 17, 2006	8.11	6.80	7.37	1.31	.74
July 24, 2006	8.11	6.85	7.39	1.26	.72
July 31, 2006	8.11	6.75	7.33	1.36	.78
August 7, 2006	8.11	6.66	7.25	1.45	.86
August 14, 2006	8.11	6.59	7.22	1.52	.89
August 21, 2006	8.05	6.55	7.23	1.50	.82
August 28, 2006	8.05	6.52	7.20	1.53	.85
September 4, 2006	8.05	6.48	7.17	1.57	.88
September 11, 2006	8.05	6.51	7.16	1.54	.89
September 18, 2006	7.92	6.48	7.15	1.44	.77
September 25, 2006	7.92	6.45	7.13	1.47	.79
October 2, 2006	7.92	6.35	7.03	1.57	.89
October 9, 2006	7.92	6.33	7.03	1.59	.89
October 16, 2006	7.94	6.42	7.15	1.52	.79
October 23, 2006	7.94	6.41	7.16	1.53	.78
October 30, 2006	7.94	6.44	7.21	1.50	.73
November 6, 2006	7.94	6.35	7.11	1.59	.83
November 13, 2006	7.94	6.39	7.17	1.55	.77
November 20, 2006	7.69	6.29	7.13	1.40	.56
November 27, 2006	7.69	6.23	7.12	1.46	.57
December 4, 2006	7.69	6.18	7.06	1.51	.63
December 11, 2006	7.69	6.16	6.99	1.53	.70
December 18, 2006	7.72	6.16	7.03	1.56	.69
December 25, 2006	7.72	6.17	7.06	1.55	.66
January 1, 2007	7.72	6.22	7.08	1.50	.64
January 8, 2007	7.72	6.22	7.09	1.50	.63
January 15, 2007	7.86	6.25	7.12	1.61	.74
January 22, 2007	7.86	6.27	7.14	1.59	.72
January 29, 2007	7.86	6.29	7.15	1.57	.71
February 5, 2007	7.86	6.38	7.18	1.48	.68
February 12, 2007	7.86	6.31	7.12	1.55	.74
February 19, 2007	7.81	6.34	7.15	1.47	.66
February 26, 2007	7.81	6.27	7.11	1.54	.70
March 5, 2007	7.81	6.22	7.06	1.59	.75
March 12, 2007	7.81	6.19	6.99	1.62	.82
March 19, 2007	7.69	6.18	7.02	1.51	.67
March 26, 2007	7.69	6.20	7.03	1.49	.66
April 2, 2007	7.69	6.20	7.00	1.49	.69
April 9, 2007	7.69	6.21	7.03	1.48	.66
April 16, 2007	7.93	6.26	7.06	1.67	.87
April 23, 2007	7.93	6.22	7.04	1.71	.89
April 30, 2007	7.93	6.21	7.01	1.72	.92
May 7, 2007	7.93	6.21	6.99	1.72	.94
May 14, 2007	7.93	6.20	7.01	1.73	.92
May 21, 2007	7.88	6.25	6.98	1.63	.90
May 28, 2007	7.88	6.41	7.10	1.47	.78
June 4, 2007	7.88	6.46	7.15	1.42	.73
June 11, 2007	7.88	6.57	7.19	1.31	.69
June 18, 2007	8.26	6.78	7.24	1.48	1.02
June 25, 2007	8.26	6.74	7.20	1.52	1.06
July 2, 2007	8.26	6.71	7.17	1.55	1.09
July 9, 2007	8.26	6.67	7.18	1.59	1.08
July 16, 2007	8.19	6.77	7.24	1.42	.95
July 23, 2007	8.19	6.77	7.24	1.42	.95
July 30, 2007	8.19	6.73	7.19	1.46	1.00
August 6, 2007	8.19	6.71	7.12	1.48	1.07
August 13, 2007	8.19	6.63	7.13	1.56	1.06
August 20, 2007	8.00	6.66	7.00	1.34	1.00
August 27, 2007	8.00	6.56	6.72	1.44	1.28
September 3, 2007	8.00	6.50	6.88	1.50	1.12
September 10, 2007	8.00	6.51	6.84	1.49	1.16
September 17, 2007	7.72	6.36	6.65	1.36	1.07
September 24, 2007	7.72	6.39	6.66	1.33	1.06
October 1, 2007	7.72	6.47	6.60	1.25	1.12
October 8, 2007	7.72	6.42	6.62	1.30	1.10
October 15, 2007	7.91	6.44	6.69	1.47	1.22
October 22, 2007	7.91	6.45	6.69	1.46	1.22
October 29, 2007	7.91	6.38	6.51	1.53	1.40
November 5, 2007	7.91	6.30	6.49	1.61	1.42
November 12, 2007	7.91	6.28	6.34	1.63	1.57
November 19, 2007	7.54	6.28	6.28	1.26	1.26
November 26, 2007	7.54	6.25	6.04	1.29	1.50
December 3, 2007	7.54	6.15	6.00	1.39	1.54
December 10, 2007	7.54	6.00	5.88	1.54	1.66
December 17, 2007	7.66	6.16	5.97	1.50	1.69
December 24, 2007	7.66	6.18	6.04	1.48	1.62
December 31, 2007	7.66	6.22	6.15	1.44	1.51
January 7, 2008	7.66	6.12	5.97	1.54	1.69
January 14, 2008	7.66	5.91	5.80	1.75	1.86
January 21, 2008	7.28	5.74	5.60	1.54	1.68
January 28, 2008	7.28	5.52	5.08	1.76	2.20
February 4, 2008	7.28	5.72	5.20	1.56	2.08
February 11, 2008	7.28	5.71	5.01	1.57	2.27
February 18, 2008	7.58	5.76	4.98	1.82	2.60
February 25, 2008	7.58	6.10	5.11	1.48	2.47
March 3, 2008	7.58	6.29	5.08	1.29	2.50
March 10, 2008	7.58	6.08	4.84	1.50	2.74
March 17, 2008	7.35	6.18	4.84	1.17	2.51
March 24, 2008	7.35	5.92	4.72	1.43	2.63
March 31, 2008	7.35	5.89	4.91	1.46	2.44
April 7, 2008	7.35	5.93	4.87	1.42	2.48
April 14, 2008	7.35	5.92	4.90	1.43	2.45
April 21, 2008	7.42	5.92	4.81	1.50	2.61
April 28, 2008	7.42	6.06	5.05	1.36	2.37
May 5, 2008	7.42	6.11	5.11	1.31	2.31
May 12, 2008	7.42	6.08	5.12	1.34	2.30
May 19, 2008	7.56	6.07	5.16	1.49	2.40
May 26, 2008	7.56	6.03	5.17	1.53	2.39
June 2, 2008	7.56	6.14	5.25	1.42	2.31
June 9, 2008	7.56	6.15	5.18	1.41	2.38
June 16, 2008	7.79	6.39	5.45	1.40	2.34
June 23, 2008	7.79	6.49	5.62	1.30	2.17
June 30, 2008	7.79	6.51	5.61	1.28	2.18
July 7, 2008	7.79	6.41	5.43	1.38	2.36
July 14, 2008	7.79	6.43	5.35	1.36	2.44
July 21, 2008	7.48	6.32	5.31	1.16	2.17
July 28, 2008	7.48	6.69	5.56	.79	1.92
August 4, 2008	7.48	6.59	5.50	.89	1.98
August 11, 2008	7.48	6.59	5.45	.89	2.03
August 18, 2008	7.47	6.59	5.41	.88	2.06
August 25, 2008	7.47	6.54	5.33	.93	2.14
September 1, 2008	7.47	6.46	5.39	1.01	2.08
September 8, 2008	7.47	6.42	5.33	1.05	2.14
September 15, 2008	7.12	6.00	5.28	1.12	1.84
September 22, 2008	7.12	5.84	4.90	1.28	2.22
September 29, 2008	7.12	6.16	5.27	.96	1.85
October 6, 2008	7.12	6.16	5.09	.96	2.03
October 13, 2008	7.12	6.00	4.76	1.12	2.36
October 20, 2008	7.25	6.52	4.80	.73	2.45
October 27, 2008	7.25	6.10	5.10	1.15	2.15
November 3, 2008	7.25	6.53	5.11	.72	2.14
November 10, 2008	7.25	6.27	4.88	.98	2.37
November 17, 2008	7.22	6.21	4.69	1.01	2.53
November 24, 2008	7.22	6.11	4.60	1.11	2.62
December 1, 2008	7.22	6.04	4.54	1.18	2.68
December 8, 2008	7.22	5.59	4.38	1.63	2.84
December 15, 2008	5.98	5.53	4.24	.45	1.74
December 22, 2008	5.98	5.25	4.13	.73	1.85
December 29, 2008	5.98	5.21	4.05	.77	1.93
January 5, 2009	5.98	5.16	4.05	.82	1.93
January 12, 2009	5.98	5.06	4.08	.92	1.90
January 19, 2009	5.86	5.02	3.97	.84	1.89
January 26, 2009	5.86	5.18	3.97	.68	1.89
February 2, 2009	5.86	5.16	4.00	.70	1.86
February 9, 2009	5.86	5.32	4.03	.54	1.83
February 16, 2009	6.68	5.22	4.07	1.46	2.61
February 23, 2009	6.68	5.10	4.00	1.58	2.68
March 2, 2009	6.68	5.13	4.08	1.55	2.60
March 9, 2009	6.68	5.21	4.05	1.47	2.63
March 16, 2009	6.66	5.09	4.02	1.57	2.64
March 23, 2009	6.66	5.04	4.00	1.62	2.66
March 30, 2009	6.66	4.91	3.99	1.75	2.67
April 6, 2009	6.66	4.84	3.95	1.82	2.71
April 13, 2009	6.66	4.93	3.96	1.73	2.70
April 20, 2009	6.66	4.87	3.91	1.79	2.75
April 27, 2009	6.66	4.86	3.89	1.80	2.77
May 4, 2009	6.66	4.84	3.85	1.82	2.81
May 11, 2009	6.66	4.90	3.90	1.76	2.76
May 18, 2009	7.09	4.91	3.88	2.18	3.21
May 25, 2009	7.09	4.88	3.82	2.21	3.27
June 1, 2009	7.09	4.97	3.86	2.12	3.23
June 8, 2009	7.09	5.35	3.85	1.74	3.24
June 15, 2009	7.61	5.65	4.05	1.96	3.56
June 22, 2009	7.61	5.44	3.92	2.17	3.69
June 29, 2009	7.61	5.48	3.93	2.13	3.68
July 6, 2009	7.61	5.38	3.91	2.23	3.70
July 13, 2009	7.61	5.26	3.83	2.35	3.78
July 20, 2009	7.48	5.20	3.85	2.28	3.63
July 27, 2009	7.48	5.26	3.81	2.22	3.67
August 3, 2009	7.48	5.31	3.82	2.17	3.66
August 10, 2009	7.48	5.27	3.81	2.21	3.67
August 17, 2009	7.41	5.35	3.82	2.06	3.59
August 24, 2009	7.41	5.18	3.72	2.23	3.69
August 31, 2009	7.41	5.20	3.77	2.21	3.64
September 7, 2009	7.41	5.14	3.72	2.27	3.69
September 14, 2009	7.41	5.13	3.67	2.28	3.74
September 21, 2009	7.27	5.10	3.66	2.17	3.61
September 28, 2009	7.27	5.09	3.67	2.18	3.60
October 5, 2009	7.27	5.00	3.64	2.27	3.63
October 12, 2009	7.27	4.93	3.59	2.34	3.68
October 19, 2009	7.31	4.98	3.60	2.33	3.71
October 26, 2009	7.31	5.06	3.63	2.25	3.68
November 2, 2009	7.31	5.09	3.64	2.22	3.67
November 9, 2009	7.31	5.04	3.60	2.27	3.71
November 16, 2009	7.36	4.97	3.56	2.39	3.80
November 23, 2009	7.36	4.89	3.52	2.47	3.84
November 30, 2009	7.36	4.84	3.48	2.52	3.88
December 7, 2009	7.36	4.77	3.48	2.59	3.88
December 14, 2009	7.36	4.87	3.52	2.49	3.84
December 21, 2009	7.52	5.00	3.62	2.52	3.90
December 28, 2009	7.52	5.11	3.64	2.41	3.88

Note: For explanation of Home Mortgage Disclosure Act (HMDA) price-reporting threshold, see text. The threshold and annual percentage rates (APRs) are for conventional first-lien 30-year prime loans.

Source: APRs from the Freddie Mac Primary Mortgage Market Survey; see note to figure 1.

Return to Figure

Figure 4

Figure 4. Higher-priced share of lending, by annual percentage rate threshold, 2006-09
Percent

Period	Home purchase			Refinance
	HMDA (old rules)	PMMS + 2.59	HMDA (new rules)	HMDA (old rules)	PMMS + 2.59	HMDA (new rules)
Jan-06	25.38	17.86		30.09	22.02
Feb-06	26.02	16.84		28.50	19.34
Mar-06	26.45	17.04		29.58	19.65
Apr-06	23.58	16.04		28.69	19.96
May-06	21.11	15.40		28.20	20.74
Jun-06	21.97	15.68		29.38	21.09
Jul-06	24.04	15.46		32.92	21.33
Aug-06	24.14	16.21		33.06	21.68
Sep-06	24.04	16.21		31.67	20.28
Oct-06	24.17	16.30		30.64	19.76
Nov-06	25.04	16.23		31.36	19.74
Dec-06	24.75	15.88		28.23	18.17
Jan-07	21.11	13.47		25.79	16.54
Feb-07	17.88	10.75		24.60	15.19
Mar-07	15.41	8.24		22.08	13.53
Apr-07	13.32	6.38		21.26	12.83
May-07	11.69	5.59		20.70	13.07
Jun-07	12.65	5.07		22.08	12.50
Jul-07	11.68	4.83		22.08	13.07
Aug-07	11.78	4.33		19.63	10.46
Sep-07	12.43	3.86		18.01	8.25
Oct-07	11.96	3.12		16.57	6.81
Nov-07	10.84	2.71		14.32	6.07
Dec-07	11.12	2.64		11.94	5.07
Jan-08	9.30	2.77		9.99	5.23
Feb-08	7.96	1.92		6.08	2.74
Mar-08	7.59	1.65		9.59	4.03
Apr-08	6.30	1.41		9.25	3.68
May-08	5.12	1.07		9.86	3.91
Jun-08	5.21	.79		10.36	3.74
Jul-08	7.38	.78		13.81	4.31
Aug-08	12.48	.82		21.05	4.81
Sep-08	12.19	1.10		16.69	4.65
Oct-08	14.39	1.04		16.62	3.58
Nov-08	14.23	1.56		18.44	5.03
Dec-08	15.88	2.28		8.45	2.51
Jan-09	19.23	1.50		6.61	1.08
Feb-09	16.79	1.76		7.16	1.18
Mar-09	6.02	1.79		4.64	1.67
Apr-09	3.32	1.63		2.17	1.24
May-09	2.60	1.68		1.81	1.25
Jun-09	2.05	1.38		2.13	1.48
Jul-09	1.73	1.42		2.93	2.37
Aug-09	1.73	1.41		3.10	2.46
Sep-09	1.70	1.43		3.08	2.47
Oct-09	1.30	1.13	2.61	1.94	1.59	2.77
Nov-09	1.37	1.15	2.45	1.25	1.00	2.46
Dec-09			2.93			2.55

Note: The data are monthly. Loans are first-lien mortgages for site-built properties and exclude business loans. Annual percentage rates are for conventional 30-year fixed-rate prime mortgages. For explanations of old and new pricing rules, see text.

PMMS Freddie Mac Primary Mortgage Market Survey.

HMDA Home Mortgage Disclosure Act.

Return to Figure

Figure 5

Figure 5. Share of lending, by purpose of loan and occupancy status of home and by type of loan, 2006-09
Percent

Period	A. Home purchase, owner occupied				B. Refinance, owner occupied				C. Home improvement, owner occupied				D. All loans, non-owner occupied
	Nonconventional	GSE	Other	Portfolio	Nonconventional	GSE	Other	Portfolio	Nonconventional	GSE	Other	Portfolio	Nonconventional	GSE	Other	Portfolio
Jan-06	8.32	26.95	35.00	29.73	2.41	23.75	36.81	37.03	.68	19.76	22.79	56.76	.10	25.54	35.73	38.64
Feb-06	9.54	27.32	34.62	28.52	2.79	25.49	34.99	36.74	.78	21.19	20.72	57.32	.12	26.01	34.84	39.03
Mar-06	9.75	26.69	34.62	28.94	2.74	24.64	35.47	37.15	.82	20.13	20.70	58.35	.10	26.15	35.03	38.73
Apr-06	9.70	27.06	33.83	29.40	2.63	23.44	36.61	37.33	.68	17.92	19.81	61.59	.11	26.93	34.21	38.74
May-06	9.46	28.88	32.56	29.10	2.59	23.24	36.62	37.55	.93	17.79	18.63	62.66	.08	28.49	33.69	37.75
Jun-06	8.90	30.31	32.57	28.22	2.31	23.22	37.57	36.90	1.21	17.85	18.81	62.12	.06	29.10	33.46	37.38
Jul-06	8.82	30.88	31.82	28.48	2.27	23.06	36.91	37.76	1.19	17.21	19.41	62.19	.05	29.09	32.74	38.13
Aug-06	8.59	29.76	32.34	29.31	2.20	22.42	36.19	39.20	1.12	15.33	18.54	65.01	.04	27.04	32.73	40.19
Sep-06	8.75	29.09	32.50	29.66	2.31	24.23	34.86	38.60	.97	17.02	17.84	64.17	.04	26.26	32.32	41.38
Oct-06	8.56	30.02	31.68	29.75	2.42	25.60	34.38	37.61	.96	19.00	19.21	60.82	.05	27.30	32.06	40.59
Nov-06	8.52	29.19	31.58	30.71	2.56	26.10	32.69	38.66	1.11	19.01	19.15	60.73	.05	27.53	31.52	40.90
Dec-06	8.63	29.17	30.47	31.73	2.74	27.55	31.45	38.27	1.42	20.98	17.13	60.48	.05	28.45	30.69	40.81
Jan-07	8.43	36.65	23.11	31.81	2.57	33.37	24.78	39.29	.99	24.39	13.65	60.97	.08	33.26	25.22	41.45
Feb-07	9.25	37.95	21.69	31.11	2.64	33.87	23.18	40.32	1.09	24.36	13.05	61.51	.07	35.44	23.11	41.39
Mar-07	9.69	39.74	19.69	30.88	2.72	34.67	21.12	41.49	1.29	23.60	10.60	64.52	.06	36.00	21.08	42.87
Apr-07	10.18	42.32	17.32	30.18	3.14	36.43	19.40	41.03	1.82	24.32	8.73	65.13	.04	38.30	18.57	43.10
May-07	10.32	42.90	17.05	29.72	3.61	36.97	18.82	40.61	2.08	23.62	8.72	65.58	.06	39.22	18.22	42.51
Jun-07	10.51	42.43	16.85	30.22	4.09	34.91	18.92	42.09	2.02	21.74	11.97	64.27	.05	39.13	17.26	43.55
Jul-07	11.15	42.80	15.19	30.86	4.51	34.00	16.44	45.05	1.90	21.70	11.57	64.84	.06	40.78	13.59	45.57
Aug-07	12.08	43.93	13.83	30.16	5.21	37.29	12.07	45.43	2.05	21.28	5.87	70.80	.06	42.82	10.68	46.44
Sep-07	14.12	44.62	12.75	28.50	6.77	42.65	9.90	40.68	2.80	25.05	3.72	68.44	.09	45.25	9.28	45.39
Oct-07	15.25	44.64	12.64	27.47	8.42	42.99	10.08	38.52	3.82	26.11	5.01	65.06	.13	45.68	9.31	44.88
Nov-07	15.96	44.04	12.88	27.12	9.42	43.45	10.71	36.42	3.70	26.64	4.82	64.84	.15	45.64	9.37	44.84
Dec-07	17.35	43.10	13.40	26.16	10.67	44.50	11.51	33.32	4.98	28.84	4.67	61.51	.20	45.88	10.37	43.56
Jan-08	19.91	48.39	11.04	20.66	10.97	53.99	8.92	26.12	3.94	33.43	4.67	57.97	.27	55.06	8.70	35.98
Feb-08	24.07	45.49	10.88	19.56	9.73	55.78	10.37	24.11	3.37	37.73	4.74	54.17	.35	56.86	9.00	33.79
Mar-08	27.72	43.14	10.62	18.53	11.37	52.63	8.62	27.38	3.63	35.74	4.46	56.16	.38	55.87	9.07	34.69
Apr-08	32.94	39.31	9.29	18.46	13.66	49.21	8.92	28.21	4.19	32.54	3.49	59.79	.55	53.87	8.84	36.74
May-08	36.01	36.58	9.17	18.23	16.92	44.50	8.68	29.90	4.75	29.07	2.99	63.19	.74	52.38	9.54	37.34
Jun-08	36.82	35.55	9.10	18.53	18.66	42.58	7.98	30.79	5.49	26.96	2.85	64.70	.72	51.35	9.57	38.36
Jul-08	39.43	33.82	8.44	18.32	22.66	37.58	7.23	32.54	6.52	22.37	2.74	68.37	.72	50.39	9.19	39.69
Aug-08	41.87	32.33	7.95	17.86	25.99	35.61	6.69	31.71	6.81	20.58	2.18	70.43	.81	49.25	8.98	40.95
Sep-08	48.51	28.60	7.53	15.36	28.07	36.26	7.63	28.04	7.50	21.22	2.09	69.19	1.14	49.10	9.73	40.04
Oct-08	44.74	30.90	8.68	15.69	27.22	40.16	9.07	23.55	7.68	27.54	2.65	62.13	.93	50.03	10.47	38.57
Nov-08	46.63	29.94	8.53	14.90	30.48	40.52	8.23	20.78	7.82	29.62	3.28	59.29	1.20	48.30	10.34	40.16
Dec-08	48.73	28.54	8.65	14.08	27.40	44.87	11.21	16.53	8.00	36.33	3.41	52.26	1.52	46.94	11.91	39.63
Jan-09	49.80	29.75	7.56	12.89	18.52	54.28	13.32	13.89	5.34	41.76	6.75	46.15	1.60	49.22	12.45	36.74
Feb-09	51.10	29.10	7.89	11.91	15.29	58.00	12.87	13.84	4.23	47.57	7.19	41.01	1.18	52.96	12.72	33.14
Mar-09	53.31	28.08	6.99	11.62	16.58	58.28	11.38	13.76	3.89	48.53	6.51	41.07	1.35	54.51	11.76	32.38
Apr-09	54.13	28.12	5.72	12.04	17.99	59.26	9.30	13.45	3.60	49.34	3.55	43.51	1.52	56.97	9.73	31.79
May-09	53.30	27.74	5.49	13.48	17.40	60.02	8.26	14.32	3.28	50.79	2.70	43.24	1.46	58.62	8.94	30.98
Jun-09	53.20	27.05	6.14	13.61	16.02	59.35	7.60	17.03	3.33	48.53	2.50	45.64	1.18	57.61	8.96	32.25
Jul-09	53.56	26.39	6.13	13.93	18.20	56.09	6.06	19.65	3.85	42.03	2.41	51.72	1.01	55.89	8.06	35.04
Aug-09	53.74	26.45	6.37	13.44	21.61	51.26	6.10	21.04	4.93	36.95	2.02	56.10	.92	53.98	8.40	36.71
Sep-09	55.97	24.88	6.10	13.05	24.42	47.65	6.47	21.46	5.94	33.49	1.87	58.70	1.16	51.31	8.76	38.78
Oct-09	57.33	26.70	6.50	9.47	24.16	53.39	7.35	15.10	6.56	46.43	3.71	43.31	1.14	60.87	10.01	27.98
Nov-09	58.56	28.23	7.03	6.19	22.44	59.24	8.25	10.08	6.60	59.55	5.14	28.71	1.35	68.51	11.59	18.55
Dec-09	54.77	33.29	8.55	3.39	19.95	65.59	9.34	5.13	6.68	72.06	6.80	14.46	.82	76.49	13.37	9.32

Note: The data are monthly. Loans are first liens on one- to four-family, site-built properties and exclude business loans. For definitions of loan types, see text.

Return to Figure

Figure 6

Figure 6. Volume and share of home-purchase loans originated by the Federal Housing Administration and the Department of Veterans Affairs, by loan-to-value ratio, May through December, 2009

Loan-to-value ratio (percent)	FICO scores 700 or above		FICO scores below 700
	Loan volume (count, all loans)	FHA/VA share (percent)	Loan volume (count, all loans)	FHA/VA share (percent)
65.5	1884	4.72	375	41.60
66.5	2190	5.30	461	39.91
67.5	2209	4.75	481	40.75
68.5	2401	5.16	487	36.55
69.5	3716	3.66	981	22.73
70.5	2459	6.63	458	54.15
71.5	3095	5.88	622	54.66
72.5	3250	5.88	634	53.94
73.5	3745	5.82	767	49.28
74.5	6546	4.14	1331	29.75
75.5	4194	6.37	857	53.79
76.5	5426	5.62	1064	51.60
77.5	7204	4.83	1226	47.39
78.5	10150	4.08	1535	42.61
79.5	50102	.99	5232	15.84
80.5	999	55.36	953	92.55
81.5	1396	57.09	1463	94.67
82.5	1556	43.57	1026	90.64
83.5	2124	39.97	1308	90.44
84.5	4209	26.18	1526	89.06
85.5	2560	48.52	1753	92.36
86.5	3436	49.56	2324	93.07
87.5	3921	42.97	2295	89.59
88.5	5271	39.95	2715	90.98
89.5	14961	18.27	3432	83.83
90.5	4069	82.53	3878	94.61
91.5	6269	83.35	5631	93.61
92.5	5558	79.70	5334	93.79
93.5	7353	79.53	6546	94.01
94.5	12778	58.68	8771	90.67
95.5	10528	95.86	11052	95.99
96.5	17228	95.72	16507	95.80
97.5	20103	97.00	21643	96.52
98.5	49643	98.40	56637	98.13
99.5	5170	72.67	6073	68.68

Note: The data are monthly. Loans are first liens on owner-occupied, single-family, site-built properties with 30-year mortgages. For definition of FICO score, see text note 29.

FHA Federal Housing Administration.

VA Department of Veterans Affairs.

Source: Lender Processing Services, Inc.

Return to Figure

Figure 7a

Figure 7.A. Share of lending extended to minorities, by selected race and ethnicity of borrower, 2006-09
Percent

Period	Home purchase					Refinance
	Non-Hispanic white	Black	Hispanic white	Asian	Other minority or missing	Non-Hispanic white	Black	Hispanic white	Asian	Other minority or missing
Jan-06	61.07	9.69	14.82	5.34	9.08	61.31	10.11	12.43	3.13	13.02
Feb-06	62.14	9.29	14.06	5.11	9.41	62.72	9.45	11.90	3.07	12.87
Mar-06	62.09	9.11	14.34	5.05	9.40	61.94	9.36	12.34	3.13	13.24
Apr-06	63.41	8.65	13.83	4.88	9.23	61.99	9.58	12.13	3.11	13.19
May-06	63.88	8.59	13.24	4.92	9.39	61.41	10.27	12.29	3.09	12.94
Jun-06	64.54	8.42	12.58	4.88	9.58	60.82	10.41	12.48	3.04	13.25
Jul-06	64.54	8.70	12.63	4.82	9.32	60.72	10.61	12.58	3.01	13.07
Aug-06	63.22	9.20	13.10	4.82	9.66	60.17	10.66	12.93	3.08	13.16
Sep-06	62.23	9.46	13.93	4.77	9.61	60.68	10.19	12.54	3.18	13.41
Oct-06	61.88	9.63	14.29	4.69	9.51	61.03	9.98	12.56	3.40	13.03
Nov-06	61.45	9.54	14.12	4.76	10.13	61.10	9.72	12.35	3.39	13.44
Dec-06	60.69	9.84	14.19	5.01	10.27	61.76	9.22	12.22	3.56	13.25
Jan-07	62.32	9.75	13.63	5.08	9.22	63.03	9.12	11.14	3.60	13.12
Feb-07	64.42	8.96	12.48	4.92	9.22	63.19	8.99	11.23	3.46	13.14
Mar-07	65.51	8.21	11.85	5.07	9.36	63.84	8.50	10.99	3.63	13.04
Apr-07	67.34	7.72	10.96	4.84	9.15	64.03	8.40	10.74	3.57	13.25
May-07	67.78	7.53	10.58	4.84	9.26	63.32	8.70	11.10	3.43	13.46
Jun-07	68.40	7.44	9.77	4.86	9.53	63.13	8.95	11.04	3.09	13.79
Jul-07	68.16	7.54	9.68	5.05	9.57	62.35	9.53	11.53	3.00	13.60
Aug-07	68.25	7.64	9.36	5.12	9.64	64.34	9.09	10.68	3.02	12.88
Sep-07	67.64	7.94	9.91	5.01	9.51	65.63	8.71	9.96	3.00	12.70
Oct-07	67.14	8.22	10.08	5.05	9.52	65.85	8.70	9.90	3.08	12.46
Nov-07	66.75	8.20	10.10	5.24	9.71	66.61	8.23	9.71	3.29	12.16
Dec-07	65.84	8.46	10.27	5.47	9.97	67.70	7.68	9.13	3.64	11.85
Jan-08	67.43	8.11	9.71	5.36	9.39	70.20	7.25	7.96	3.70	10.90
Feb-08	69.29	7.43	9.03	4.87	9.39	73.67	5.43	6.42	3.64	10.84
Mar-08	70.18	6.89	8.84	4.91	9.19	71.82	5.84	6.98	3.73	11.64
Apr-08	70.41	6.48	8.82	5.06	9.23	72.21	5.86	6.99	3.90	11.04
May-08	71.16	6.20	8.49	5.10	9.06	72.16	6.35	7.11	3.38	10.99
Jun-08	71.06	6.07	8.32	5.40	9.16	71.82	6.73	6.84	3.57	11.04
Jul-08	70.17	6.29	8.78	5.66	9.10	72.14	7.21	6.79	2.96	10.89
Aug-08	70.02	6.49	8.95	5.65	8.89	72.50	7.64	6.63	2.68	10.54
Sep-08	68.00	7.40	10.23	5.46	8.91	72.50	7.45	6.43	3.11	10.51
Oct-08	68.35	6.65	10.17	5.88	8.95	73.13	6.33	5.89	3.56	11.09
Nov-08	67.33	6.96	10.74	6.02	8.95	73.16	7.01	6.02	2.84	10.98
Dec-08	66.14	7.53	11.11	6.09	9.13	75.33	5.51	5.13	3.93	10.11
Jan-09	65.34	7.39	11.95	6.10	9.23	78.33	3.76	4.24	4.06	9.61
Feb-09	67.78	6.75	10.74	5.54	9.19	78.46	3.26	4.11	4.08	10.08
Mar-09	68.64	6.36	10.49	5.46	9.05	77.40	3.38	4.37	4.43	10.42
Apr-09	69.79	5.90	10.10	5.43	8.78	77.37	3.37	4.38	4.91	9.98
May-09	70.54	5.52	9.40	5.60	8.96	77.06	3.42	4.31	4.88	10.33
Jun-09	70.98	5.35	8.93	5.71	9.03	76.34	3.63	4.55	4.43	11.04
Jul-09	71.00	5.51	8.84	5.94	8.72	74.78	4.20	5.05	4.71	11.27
Aug-09	70.31	5.77	8.96	6.10	8.86	73.76	4.77	5.45	4.67	11.36
Sep-09	69.93	6.08	9.15	6.26	8.59	73.31	4.96	5.59	5.04	11.11
Oct-09	69.80	6.29	9.23	6.15	8.54	73.67	4.63	5.24	5.67	10.80
Nov-09	68.90	6.72	9.24	6.37	8.77	73.99	4.30	5.17	5.60	10.95
Dec-09	66.81	7.15	10.56	6.58	8.91	74.21	4.00	5.03	5.77	10.99

Note: The data are monthly. Loans are first liens on owner-occupied, one- to four-family, site-built properties and exclude business loans. For definition of minority, see table 10.A, note 5; for definition of other minority and explanation of "missing," see table 10.A, note 6.

Return to Figure

Figure 7b

Figure 7.B. Lending extended to borrowers in selected low-income groups as a share of all lending, by type of low-income group, 2006-09

Period	Home purchase				Refinance
	Lower-income census tract	Lower-income borrower	Other	Missing income	Lower-income census tract	Lower-income borrower	Other	Missing income
Jan-06	16.66	23.45	61.43	5.28	18.15	26.38	58.27	5.80
Feb-06	16.08	24.15	61.42	5.06	17.41	25.95	59.07	5.75
Mar-06	16.25	23.81	61.82	4.77	17.64	25.35	59.67	5.40
Apr-06	15.93	24.02	62.15	4.41	17.81	25.46	59.86	4.95
May-06	15.52	23.60	62.76	4.48	18.18	25.27	59.83	4.85
Jun-06	14.83	22.83	63.75	4.70	18.26	24.88	60.14	4.76
Jul-06	14.86	23.00	63.51	4.70	18.49	24.69	60.15	4.79
Aug-06	15.30	23.17	62.78	5.06	18.68	24.41	59.85	5.15
Sep-06	15.93	23.68	61.52	5.50	18.24	24.31	59.94	5.47
Oct-06	16.22	24.07	61.11	5.48	17.88	23.80	60.33	5.87
Nov-06	16.06	23.88	61.20	5.59	17.64	23.74	60.44	5.93
Dec-06	15.98	23.27	61.61	5.84	16.99	22.56	61.81	5.96
Jan-07	16.13	23.52	62.33	4.75	16.25	22.41	62.76	5.57
Feb-07	15.43	24.07	62.53	4.50	16.47	22.82	62.14	5.65
Mar-07	14.99	24.00	63.27	4.15	16.01	22.38	62.90	5.60
Apr-07	14.65	25.23	63.18	3.40	15.75	22.41	63.40	5.22
May-07	14.24	25.47	63.51	3.15	16.15	23.09	62.79	5.04
Jun-07	13.45	24.33	65.06	3.05	16.68	23.33	62.36	4.81
Jul-07	13.48	23.84	65.39	3.06	17.32	23.66	61.66	4.83
Aug-07	13.61	23.99	65.45	2.85	16.55	24.06	62.13	4.50
Sep-07	14.10	25.45	64.47	2.17	16.12	24.89	62.25	3.82
Oct-07	14.51	26.14	63.82	1.89	15.85	25.11	62.43	3.70
Nov-07	14.47	25.99	64.07	1.80	15.31	24.46	62.92	4.12
Dec-07	14.47	25.05	64.76	1.92	14.26	22.74	64.12	5.17
Jan-08	14.02	28.13	62.81	1.55	13.22	24.10	63.64	5.31
Feb-08	13.55	28.34	62.89	1.58	10.78	20.59	67.38	6.11
Mar-08	13.23	27.60	63.59	1.65	11.48	21.82	65.45	6.56
Apr-08	13.00	27.99	63.42	1.68	11.55	22.56	65.52	5.76
May-08	12.67	27.45	64.22	1.62	12.16	24.10	64.01	5.61
Jun-08	12.21	26.54	65.23	1.72	12.32	24.75	63.88	5.04
Jul-08	12.52	26.41	65.09	1.76	13.05	25.97	62.56	4.87
Aug-08	12.56	27.05	64.48	1.86	13.28	27.05	61.93	4.37
Sep-08	13.64	29.56	61.80	1.82	13.16	27.14	60.63	5.92
Oct-08	13.38	29.27	62.00	1.97	11.61	24.54	63.22	6.54
Nov-08	13.75	30.05	61.23	1.94	12.22	26.78	61.41	5.89
Dec-08	13.74	30.29	61.06	1.93	10.01	21.50	62.53	11.26
Jan-09	13.92	34.47	57.42	1.92	7.36	18.78	66.38	11.25
Feb-09	12.90	34.56	57.91	1.85	7.01	18.24	68.71	9.45
Mar-09	13.01	35.38	57.25	1.80	7.35	19.04	67.48	9.75
Apr-09	12.66	36.29	56.65	1.77	7.26	18.88	66.28	11.34
May-09	12.08	35.87	57.31	1.71	7.13	18.89	66.01	11.67
Jun-09	11.95	34.86	57.43	2.60	7.20	19.61	65.50	11.33
Jul-09	11.98	35.25	57.86	1.79	8.25	20.95	64.31	10.80
Aug-09	12.01	36.03	57.30	1.60	8.94	22.20	61.81	11.93
Sep-09	12.47	37.90	55.36	1.64	9.30	22.45	59.34	14.20
Oct-09	12.65	39.62	53.79	1.69	8.85	20.81	59.00	16.47
Nov-09	13.08	40.80	52.60	1.64	8.30	19.55	59.51	17.40
Dec-09	13.41	37.33	55.58	1.75	8.15	19.80	61.66	14.84

Note: The data are monthly. Loans are first liens on owner-occupied, one- to four-family, site-built properties and exclude business loans. Borrower income is the total income relied upon by the lender in the loan underwriting. Income is expressed relative to the median family income of the metropolitan statistical area (MSA) or statewide non-MSA in which the property being purchased is located. "Lower" is less than 80 percent of the median. The income category of a census tract is the median family income of the tract relative to that of the MSA or statewide non-MSA in which the tract is located. "Lower" is less than 80 percent of the median. "Missing" indicates that information for the characteristic was missing on the application. "Other" consists of all non-lower-income and non-missing-income borrowers who are not in a lower-income census tract. Borrower groups are not mutually exclusive; therefore, sums do not add to 100 percent.

Return to Figure

Figure 7c

Figure 7.C. Share of lending, by loan quality and occupancy status of home, 2006-09
Percent

Period	Home purchase			Refinance
	High PTI ratio	Higher priced	Non-owner occupied	High PTI ratio	Higher priced	Non-owner occupied
Jan-06	17.04	19.56	19.40	24.36	23.54	10.00
Feb-06	16.56	18.46	17.92	22.82	20.86	9.85
Mar-06	16.94	18.59	17.13	23.70	20.20	10.16
Apr-06	17.17	17.81	16.25	24.20	20.60	10.06
May-06	17.33	16.71	15.61	25.48	21.32	9.95
Jun-06	17.35	16.09	14.67	26.24	21.82	10.61
Jul-06	17.93	15.74	14.64	27.02	21.77	10.15
Aug-06	17.70	16.75	14.83	26.84	22.92	10.76
Sep-06	17.02	16.76	15.41	25.28	21.84	10.57
Oct-06	16.95	16.80	15.52	24.69	20.85	10.31
Nov-06	17.36	16.54	15.30	25.01	20.88	11.01
Dec-06	16.72	15.78	15.50	23.70	19.74	10.80
Jan-07	16.14	14.87	16.23	21.85	17.62	10.82
Feb-07	15.70	12.40	15.08	21.64	16.71	10.97
Mar-07	14.87	9.42	14.48	20.37	15.32	11.04
Apr-07	14.69	6.70	14.26	19.79	13.75	10.27
May-07	14.62	5.92	13.74	20.03	14.21	10.58
Jun-07	15.41	5.12	13.03	20.91	13.33	11.19
Jul-07	16.02	4.85	13.19	22.49	14.24	10.93
Aug-07	16.03	4.39	13.68	20.62	12.04	11.24
Sep-07	16.07	4.14	13.63	18.99	9.68	10.90
Oct-07	15.51	3.56	14.12	18.47	7.77	10.50
Nov-07	14.96	2.88	13.90	17.78	7.19	11.13
Dec-07	14.35	2.74	14.15	16.18	5.63	10.23
Jan-08	12.68	2.77	14.97	13.55	6.38	10.05
Feb-08	10.83	2.27	14.03	10.19	3.74	8.43
Mar-08	11.74	1.81	13.31	11.70	3.74	8.89
Apr-08	10.75	1.48	13.11	11.09	3.96	9.27
May-08	10.72	1.15	12.59	11.88	4.18	10.00
Jun-08	11.05	.84	11.80	12.79	3.91	9.86
Jul-08	11.81	.81	11.65	13.84	4.37	10.38
Aug-08	12.67	.79	11.66	14.73	4.82	10.24
Sep-08	12.54	.93	11.31	14.40	5.44	9.56
Oct-08	12.56	1.06	11.85	13.49	3.83	8.17
Nov-08	12.56	1.17	11.38	14.13	4.61	8.49
Dec-08	10.71	1.96	11.21	10.30	3.85	6.13
Jan-09	9.20	1.83	11.55	6.89	1.61	4.33
Feb-09	8.13	1.57	11.09	5.89	1.21	4.48
Mar-09	7.62	1.74	10.54	6.19	1.45	4.76
Apr-09	6.36	1.66	9.84	5.60	1.43	4.77
May-09	6.15	1.66	9.85	5.16	1.31	4.92
Jun-09	6.58	1.49	9.15	5.37	1.35	5.61
Jul-09	7.72	1.35	8.84	6.76	1.62	6.45
Aug-09	7.53	1.30	8.81	7.26	2.02	6.56
Sep-09	7.45	1.38	8.80	6.87	2.31	6.46
Oct-09	7.14	1.32	8.38	6.31	2.08	6.23
Nov-09	6.87	.79	7.52	5.82	1.18	5.86
Dec-09	6.62	.77	10.05	5.80	.96	6.66

Note: The data are monthly. Loans are first liens on owner-occupied (except as noted), one- to four-family, site-built properties and exclude business loans. A payment-to-income (PTI) ratio is considered high if it exceeds 30 percent. For definitions of higher-priced lending and PTI, see text. "Non-owner occupied" includes loans for which occupancy status was missing.

Return to Figure

Figure 7d

Figure 7.D. Share of lending, by location of property securing the loan, 2006-09
Percent

Period	Home purchase			Refinance
	Sand states	Rust states	Other	Sand states	Rust states	Other
Jan-06	25.17	12.75	62.08	31.86	14.56	53.58
Feb-06	24.49	13.27	62.24	31.46	14.75	53.79
Mar-06	24.87	13.88	61.25	32.49	14.34	53.17
Apr-06	23.18	14.79	62.03	32.45	14.13	53.42
May-06	22.12	14.80	63.08	32.34	14.15	53.51
Jun-06	20.70	15.11	64.19	32.81	14.13	53.06
Jul-06	20.38	14.92	64.70	32.74	13.92	53.34
Aug-06	20.36	15.11	64.54	32.73	14.01	53.26
Sep-06	21.79	14.65	63.56	31.90	14.45	53.65
Oct-06	21.68	14.56	63.76	31.97	14.53	53.50
Nov-06	22.77	13.77	63.47	31.03	14.69	54.28
Dec-06	23.75	12.98	63.27	31.22	14.77	54.01
Jan-07	21.86	12.95	65.18	29.12	15.05	55.83
Feb-07	21.28	13.19	65.53	29.21	14.82	55.97
Mar-07	20.95	13.25	65.79	29.27	14.92	55.81
Apr-07	18.86	14.52	66.62	29.17	14.83	56.01
May-07	17.50	14.79	67.70	28.88	14.65	56.47
Jun-07	16.58	14.98	68.44	27.73	14.74	57.53
Jul-07	16.45	14.93	68.62	27.75	14.51	57.75
Aug-07	16.19	14.90	68.91	25.93	15.08	58.99
Sep-07	16.75	14.85	68.40	23.94	15.76	60.30
Oct-07	16.58	14.82	68.60	23.15	16.15	60.70
Nov-07	17.44	14.08	68.49	22.82	16.57	60.61
Dec-07	19.31	13.19	67.50	22.30	17.18	60.52
Jan-08	17.03	13.06	69.90	19.32	18.59	62.09
Feb-08	16.76	13.48	69.76	16.86	19.97	63.18
Mar-08	17.38	13.51	69.11	17.66	18.38	63.96
Apr-08	17.65	14.09	68.26	17.21	18.05	64.74
May-08	17.47	14.43	68.11	16.77	17.48	65.76
Jun-08	17.47	14.59	67.94	17.26	16.72	66.02
Jul-08	18.43	14.25	67.32	16.43	15.91	67.66
Aug-08	18.47	14.49	67.04	14.88	16.04	69.08
Sep-08	21.34	14.30	64.36	14.50	16.64	68.87
Oct-08	22.06	13.69	64.25	15.15	16.75	68.10
Nov-08	23.16	13.08	63.76	13.56	16.47	69.96
Dec-08	24.87	12.26	62.88	13.05	18.97	67.98
Jan-09	26.13	11.34	62.54	12.75	21.21	66.04
Feb-09	23.97	11.68	64.36	13.43	19.95	66.63
Mar-09	24.02	12.07	63.91	14.84	18.23	66.93
Apr-09	22.79	13.06	64.15	15.28	18.28	66.44
May-09	21.15	13.36	65.49	15.62	18.41	65.97
Jun-09	20.05	13.59	66.36	15.60	17.29	67.11
Jul-09	19.58	13.76	66.66	17.59	16.20	66.21
Aug-09	19.45	14.17	66.38	17.56	16.25	66.19
Sep-09	20.30	14.22	65.48	17.45	16.83	65.72
Oct-09	19.82	14.21	65.97	17.31	17.99	64.71
Nov-09	19.42	13.93	66.66	17.51	17.91	64.59
Dec-09	23.76	12.58	63.67	17.66	17.73	64.60

Note: The data are monthly. Loans are first liens on owner-occupied, one- to four-family, site-built properties and exclude business loans. "Sand states" consist of California, Florida, Arizona, and Nevada. "Rust states" consist of Illinois, Indiana, Michigan, Ohio, and Wisconsin. "Other" denotes all remaining states.

Return to Figure

Figure 8

Figure 8. Indexed volume of lending, by census-tract group, 2004-09
Index

Period	A. Home purchase			B. Refinance
	Other	High-foreclosure	Control	Other	High-foreclosure	Control
Jan-04	65.22	69.43	68.01	79.27	78.81	78.91
Feb-04	71.10	76.65	74.74	104.93	93.29	103.45
Mar-04	97.37	105.20	108.17	144.50	126.79	139.04
Apr-04	105.54	104.32	114.91	162.87	123.32	154.35
May-04	109.06	101.15	111.08	118.07	110.35	121.72
Jun-04	127.63	115.27	127.81	93.22	106.30	103.14
Jul-04	117.03	110.02	113.70	71.44	89.96	78.59
Aug-04	115.24	107.96	106.88	78.79	96.79	83.24
Sep-04	102.49	93.97	89.19	77.65	81.10	72.32
Oct-04	98.35	100.50	88.82	85.43	93.37	82.60
Nov-04	93.32	100.02	90.07	93.00	99.53	89.92
Dec-04	97.66	115.64	106.64	90.82	100.56	92.72
Jan-05	70.46	87.40	80.04	73.76	82.99	75.59
Feb-05	75.44	98.16	87.29	78.98	92.83	81.99
Mar-05	104.96	136.54	121.08	100.30	117.49	109.22
Apr-05	107.57	131.23	121.00	82.68	109.12	94.98
May-05	116.44	133.21	119.79	82.92	111.71	96.85
Jun-05	133.24	147.09	131.49	92.96	124.21	107.10
Jul-05	119.99	134.69	111.78	97.64	123.79	115.15
Aug-05	129.75	141.66	118.80	110.30	143.88	130.82
Sep-05	115.20	142.10	112.61	91.94	125.49	113.49
Oct-05	101.58	103.01	81.06	93.72	116.15	103.87
Nov-05	96.36	121.66	95.55	82.57	116.02	101.27
Dec-05	95.89	126.87	92.72	74.21	111.48	90.26
Jan-06	69.26	96.47	71.49	62.22	95.38	76.25
Feb-06	74.68	100.42	72.10	65.04	97.38	79.20
Mar-06	102.73	135.56	98.76	76.17	120.72	95.93
Apr-06	92.49	108.58	79.28	65.40	103.93	84.73
May-06	109.68	119.27	91.74	70.68	117.90	92.91
Jun-06	118.71	120.98	92.73	66.67	112.32	87.70
Jul-06	98.39	97.87	73.29	60.62	102.32	80.06
Aug-06	107.31	105.87	75.87	68.71	117.57	88.27
Sep-06	90.58	102.88	69.00	64.87	105.84	82.14
Oct-06	85.79	94.67	63.79	75.81	119.52	95.21
Nov-06	80.19	91.14	66.39	68.99	106.43	81.95
Dec-06	79.21	90.10	70.11	75.48	111.05	91.59
Jan-07	58.37	62.14	47.94	65.50	88.13	75.73
Feb-07	61.24	59.41	46.84	58.90	81.55	69.48
Mar-07	78.03	66.90	60.48	66.72	89.60	78.97
Apr-07	75.20	57.12	54.07	66.43	88.76	78.31
May-07	85.01	62.12	57.13	66.31	91.10	80.42
Jun-07	89.55	58.32	57.23	57.10	79.17	66.77
Jul-07	82.01	51.96	49.81	51.60	73.80	58.47
Aug-07	84.82	54.81	52.25	49.82	65.63	54.43
Sep-07	62.16	41.99	37.98	40.49	48.78	41.58
Oct-07	63.58	42.83	37.80	50.45	56.38	50.16
Nov-07	58.32	39.63	35.78	45.90	48.30	42.95
Dec-07	53.46	37.42	35.32	52.14	47.71	47.74
Jan-08	40.43	27.52	25.86	48.41	36.95	36.89
Feb-08	45.59	28.11	28.96	77.05	40.71	51.16
Mar-08	53.05	33.04	33.84	71.61	41.49	53.26
Apr-08	56.48	33.14	36.32	64.86	36.14	47.22
May-08	62.95	34.45	37.69	47.57	25.98	33.39
Jun-08	65.51	35.23	37.59	39.56	20.65	27.71
Jul-08	64.33	36.34	37.09	30.90	16.13	21.13
Aug-08	60.61	34.42	33.88	25.94	11.62	15.68
Sep-08	55.98	37.44	33.87	25.46	11.02	13.63
Oct-08	51.24	34.58	32.12	33.40	11.82	16.76
Nov-08	37.49	28.32	23.74	21.22	7.15	11.57
Dec-08	41.95	35.29	28.56	37.07	9.35	15.57
Jan-09	28.77	24.80	19.46	75.57	11.92	28.20
Feb-09	32.13	24.97	20.63	97.47	15.23	39.56
Mar-09	41.52	31.69	28.51	101.32	17.34	47.87
Apr-09	43.99	31.80	27.86	101.94	17.55	47.91
May-09	48.70	31.54	29.34	107.50	19.20	52.69
Jun-09	58.75	35.54	35.20	102.17	19.25	55.66
Jul-09	61.32	34.66	35.51	75.67	17.69	44.96
Aug-09	55.21	31.69	32.30	54.68	13.59	31.94
Sep-09	53.95	31.78	32.44	49.37	12.58	28.03
Oct-09	57.59	33.91	33.91	55.48	13.65	29.79
Nov-09	55.13	32.26	32.89	60.18	14.38	31.89
Dec-09	45.67	32.26	32.45	65.29	14.63	35.23

Note: The data are monthly. Loans are first-lien mortgages for site-built properties and exclude business loans. Index is normalized to 100 for average monthly lending volume in 2004. For definitions of census-tract groups, see text.

Return to Figure

Figure 9

Figure 9. Indexed denial rate for home-purchase loans, by census-tract group, 2004-09
Index

Period	Other	High-foreclosure	Control
Jan-04	114.26	109.06	103.49
Feb-04	109.29	102.80	102.11
Mar-04	103.64	98.40	94.32
Apr-04	96.95	95.54	88.96
May-04	94.19	98.37	92.48
Jun-04	94.29	99.26	98.43
Jul-04	95.18	97.37	97.49
Aug-04	99.67	100.14	104.56
Sep-04	99.20	103.13	101.11
Oct-04	100.88	98.82	103.12
Nov-04	101.33	101.48	107.44
Dec-04	100.60	99.22	109.89
Jan-05	125.94	119.81	123.70
Feb-05	124.48	109.92	116.50
Mar-05	112.89	105.47	112.71
Apr-05	102.64	99.84	104.80
May-05	101.31	104.70	110.81
Jun-05	96.24	105.78	108.84
Jul-05	95.80	100.80	111.45
Aug-05	106.69	115.12	124.13
Sep-05	109.96	115.06	119.93
Oct-05	117.99	127.50	140.82
Nov-05	120.48	120.06	128.88
Dec-05	119.94	123.98	131.50
Jan-06	139.00	139.00	149.83
Feb-06	125.36	132.30	139.68
Mar-06	121.04	126.38	135.69
Apr-06	117.65	133.74	141.12
May-06	114.89	135.93	136.42
Jun-06	106.89	132.97	131.88
Jul-06	115.43	141.97	136.63
Aug-06	115.55	141.31	146.27
Sep-06	121.24	137.90	143.15
Oct-06	129.38	146.99	159.83
Nov-06	123.75	143.56	145.89
Dec-06	119.89	138.16	142.01
Jan-07	147.43	175.31	178.71
Feb-07	136.63	171.42	169.13
Mar-07	135.06	182.74	167.31
Apr-07	121.17	166.71	158.73
May-07	114.26	170.34	150.20
Jun-07	108.56	167.60	147.35
Jul-07	116.86	173.94	158.07
Aug-07	129.63	189.76	182.39
Sep-07	129.86	181.60	179.90
Oct-07	125.79	175.99	169.17
Nov-07	119.24	175.27	161.75
Dec-07	120.39	185.85	169.69
Jan-08	137.26	179.50	172.49
Feb-08	123.61	175.58	156.75
Mar-08	119.44	176.06	156.86
Apr-08	123.46	179.07	158.82
May-08	106.72	162.05	139.96
Jun-08	106.59	158.85	143.78
Jul-08	109.12	157.47	139.79
Aug-08	106.86	160.63	149.00
Sep-08	112.52	157.56	151.66
Oct-08	120.38	166.79	165.28
Nov-08	122.53	151.64	145.77
Dec-08	109.61	138.55	134.10
Jan-09	118.83	146.81	145.43
Feb-09	110.75	141.02	140.76
Mar-09	106.77	133.93	128.29
Apr-09	103.41	132.74	125.45
May-09	93.99	129.54	131.47
Jun-09	92.02	128.57	124.75
Jul-09	94.37	135.29	124.67
Aug-09	98.40	131.61	129.62
Sep-09	98.49	130.89	121.57
Oct-09	94.03	131.01	119.29
Nov-09	90.26	123.97	119.77
Dec-09	100.36	124.57	123.81

Note: See note to figure 8.

Source: Federal Financial Institutions Examination Council, data reported under the Home Mortgage Disclosure Act.

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Figure 10

Figure 10. Indexed average income of borrower, by census-tract group, 2004-09
Index

Period	Other	High-foreclosure	Control
Jan-04	96.92	96.58	93.30
Feb-04	95.06	92.24	91.57
Mar-04	96.74	94.39	93.73
Apr-04	98.70	99.45	94.66
May-04	99.75	102.82	95.87
Jun-04	102.43	101.00	101.44
Jul-04	101.08	100.11	100.31
Aug-04	100.50	101.38	100.73
Sep-04	100.02	99.55	103.61
Oct-04	100.66	102.23	104.61
Nov-04	101.89	102.55	107.12
Dec-04	102.97	104.60	108.48
Jan-05	104.12	107.03	107.60
Feb-05	102.27	104.37	109.80
Mar-05	104.30	108.84	111.34
Apr-05	105.03	110.13	113.32
May-05	106.79	110.01	116.40
Jun-05	108.97	118.03	120.02
Jul-05	108.01	117.04	122.15
Aug-05	109.55	114.21	122.24
Sep-05	109.11	114.81	123.45
Oct-05	109.81	115.19	124.16
Nov-05	110.94	118.12	129.12
Dec-05	112.82	114.99	128.21
Jan-06	113.11	129.98	133.41
Feb-06	111.17	124.22	132.46
Mar-06	113.47	128.25	134.04
Apr-06	113.47	128.18	133.30
May-06	114.79	130.79	134.07
Jun-06	117.08	126.67	136.36
Jul-06	115.48	126.22	135.45
Aug-06	114.87	133.14	139.49
Sep-06	113.02	138.11	142.28
Oct-06	113.27	125.29	141.03
Nov-06	113.92	125.08	140.12
Dec-06	116.14	126.07	140.48
Jan-07	117.62	130.19	146.98
Feb-07	115.28	131.82	138.62
Mar-07	117.26	138.58	141.55
Apr-07	115.70	131.75	139.69
May-07	116.43	146.39	141.02
Jun-07	119.10	143.26	133.86
Jul-07	118.49	139.13	139.72
Aug-07	117.81	133.16	133.92
Sep-07	112.45	128.87	125.92
Oct-07	111.26	124.10	124.70
Nov-07	112.08	126.00	124.27
Dec-07	114.11	135.51	125.92
Jan-08	114.43	135.51	122.62
Feb-08	111.17	148.47	123.74
Mar-08	112.20	125.87	124.22
Apr-08	111.71	141.76	124.08
May-08	112.65	121.40	116.79
Jun-08	115.36	119.34	112.05
Jul-08	113.61	116.24	108.10
Aug-08	111.55	110.72	106.25
Sep-08	106.09	104.64	102.20
Oct-08	107.37	112.22	100.15
Nov-08	105.84	107.21	97.41
Dec-08	106.98	103.93	93.22
Jan-09	103.49	96.11	88.01
Feb-09	101.47	97.36	92.19
Mar-09	101.50	97.61	87.24
Apr-09	100.56	98.59	84.58
May-09	102.24	95.64	81.80
Jun-09	105.35	105.58	84.87
Jul-09	104.34	103.44	88.18
Aug-09	102.76	94.51	87.88
Sep-09	99.15	106.05	85.28
Oct-09	95.46	94.21	82.47
Nov-09	93.30	90.38	81.65
Dec-09	103.31	94.90	83.88

Note: See notes to figure 9.

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Figure 11

Title:  Share of first-time borrowers, 2004-09
Series:  Share of first-time borrowers
Horizon:  2004-09
Description:  Data are plotted as a curve.  Data are monthly.  Units are percent.

The series starts at about 14 percent and fluctuates in a range between about 17 percent and about 12 percent through early 2008.  The series then rises steeply until reaching about 22 percent by late 2008, after which it falls sharply until reaching about 9 percent by early 2009.  The series again rises steeply until reaching about 21 percent in late 2009, after which it falls to about 14 percent by the end of the year.

Note:  The data are monthly.  For information on data calculation, see text; also see text notes 61 and 62.
Source:  Authors’ calculations based on Equifax data.

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Figure 12

Title:  Share of first-time borrowers, by census-tract group, 2004-09
Series:  Share of first-time borrowers, high-foreclosure group; share of first-time borrowers, control group; share of first-time borrowers, other group
Horizon:  2004-09
Description:  Data are plotted as three curves.  Data are monthly.  Units are percent.

The three series are for three census-tract groups:  high foreclosure, control, and other.  After starting near one another (high foreclosure at about 20 percent, control at about 19 percent, and other at about 15 percent), all three series follow a similar, generally flat trajectory through early 2008, fluctuating in a narrow range between about 21 percent and about 12 percent.  All three series generally rise until late 2008, reaching about 42 percent (control), about 39 percent (high foreclosure), and about 21 percent (other).  The series then fall sharply until early 2009, reaching about 34 percent (high foreclosure), about 22 percent (control), and about 10 percent (other).  The series generally rise again until late 2009, reaching about 47 percent (high foreclosure), about 34 percent (control), and about 20 percent (other).  They then fall until the end of the year, ending up at about 35 percent (high foreclosure), about 28 percent (control), and about 14 percent (other).

Note:  See notes to figure 11.  For definitions of census-tract groups, see text.

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