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

Statistical Supplement | February 2008

Statistical Supplement to the Federal Reserve Bulletin, February 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	July	Aug	Sept	Oct	Nov	Dec	Jan
		Terms and yields in primary and secondary markets
Primary Markets
	Terms¹
1	Purchase price (thousands of dollars)	326.8	345.7	360.7	356.1	368.9	358.3	350.7	366.8	347.7	360.2
2	Amount of loan (thousands of dollars)	238.5	253.4	269.9	270.1	282.9	266.5	266.3	273.7	268.8	269.5
3	Loan-to-price ratio (percent)	75.3	75.4	77.1	77.6	78.6	76.9	78.6	77.1	79.4	78.6
4	Maturity (years)	29.2	29.5	29.4	29.4	29.6	29.6	29.4	29.2	29.2	29.0
5	Fees and charges (percent of loan amount)²	.54	.66	.81	.85	.88	.87	.81	.80	.74	.78

	Yield (percent per year)
6	Contract rate¹	5.86	6.50	6.30	6.58	6.60	6.45	6.43	6.30	6.10	5.90
7	Effective rate¹^, ³	5.93	6.60	6.42	6.70	6.73	6.58	6.55	6.42	6.21	6.02
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	6.10	5.90	5.79	5.67	5.38	5.37	5.00
		Activity in secondary markets
Federal National Mortgage Association
	Mortgage holdings (end of period)
11	Total	727,545	724,400	723,976	729,840	728,886	723,813	732,291	722,032	723,976	720,985
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	21,219	16,429	11,926	20,957	13,997	12,796	8,913

	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	718,053	720,629	732,219	713,164	703,145	701,352	718,053	716,932
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	469,770	35,483	35,348	54,262	31,085	34,215	48,210	29,480

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: March 13, 2008