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Statistical Supplement | March 2004

Statistical Supplement to the Federal Reserve Bulletin, March 2004

1.53  Mortgage Markets, Mortgages on New Homes
Millions of dollars except as noted
Item 2001
2002
2003
2003
June July Aug Sept Oct Nov Dec
  Terms and yields in primary and secondary markets
Primary Markets  
  Terms1  
1 Purchase price (thousands of dollars) 245.0 261.1 272.1 283.3 283.4 280.1 275.6 273.7 284.6 275.9
2 Amount of loan (thousands of dollars) 184.2 197.0 205.3 213.7 214.4 212.1 208.1 200.8 214.5 206.3
3 Loan-to-price ratio (percent) 77.3 77.8 77.9 78.0 78.2 78.0 77.8 75.8 78.0 77.6
4 Maturity (years) 28.8 28.9 28.7 28.8 28.7 28.5 28.8 28.5 29.0 28.9
5 Fees and charges (percent of loan amount)2 .67 .62 .61 .64 .62 .66 .68 .62 .69 .66
 
  Yield (percent per year)  
6 Contract rate1 6.90 6.35 5.71 5.42 5.44 5.68 5.87 5.83 5.82 5.49
7 Effective rate1, 3 7.00 6.44 5.80 5.51 5.53 5.77 5.97 5.92 5.92 5.59
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 6.36 5.81 5.03 4.27 5.02 5.48 5.27 5.27 5.21 5.16
  Activity in secondary markets
Federal National Mortgage Association  
  Mortgage holdings (end of period)  
11 Total 707,015 794,253 898,438 814,882 838,236 865,461 917,123 912,658 906,380 898,438
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) 270,384 370,641 572,851 41,182 72,447 82,656 98,804 27,609 17,596 13,775
 
  Mortgage commitments (during period)  
15 Issued7 304,084 400,327 478,676 79,172 79,594 46,436 32,701 n.a. n.a. n.a.
16 To sell8 7,586 12,268 23,076 3,657 1,915 3,085 4,740 n.a. n.a. n.a.
 
Federal Home Loan Mortgage Corporation  
  Mortgage holdings (end of period)8  
17 Total 491,719 568,173 644,436 585,460 594,301 615,085 641,040r 655,458r 646,636 644,436
18 FHA/VA insured 3,506 4,573 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
19 Conventional 488,213 563,600 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 389,611 547,046 713,260 58,124 70,216r 91,196r 83,982 69,868 39,028 33,871
 
22 Mortgage commitments contracted (during period)9 417,434 620,981 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: May 18, 2005