Eye On Housing
According to the Federal Reserve Bank of New York’s Household Debt and Credit Report, mortgage originations grew in the 4th quarter of 2016. Largely resulting from 4th quarter growth, origination volume in 2016 exceeded its level in 2015. This marks the second consecutive year of growth in originations. As the chart above illustrates, there was approximately $617 billion in originations… Read More ›
The total amount of consumer credit outstanding rose in 2016 as both revolving credit and non-revolving credit rose. The growth in consumer credit is being fueled by non-revolving loans, particularly student loans at the federal government and auto loans held by credit unions. According to the Federal Reserve Board’s Consumer Credit release, the total outstanding amount of consumer credit climbed… Read More ›
The most recent iteration of the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOS), which covers the fourth quarter of 2016, reports tightening of standards on multifamily residential and construction/land development loans. At the same time, demand, on net, also weakened. Previous analysis documented the tightening of credit standards, a measure of loan supply, on commercial real estate (CRE)… Read More ›
According to the Federal Reserve Board, consumer credit grew by a seasonally adjusted annual rate of 7.9 percent over the month of November to $3.75 trillion. Revolving credit, which is largely composed of credit cards, grew by 13.5 percent while non-revolving credit, typically student loans and auto loans, rose by 5.9 percent. Although revolving credit grew faster than non-revolving credit… Read More ›
The Mortgage Interest Rate Survey (MIRS) conducted monthly by the Federal Housing Finance Agency (FHFA) reported that contract mortgage rates rose in November 2016. Over the month, rates on all loans increased from 3.60 percent to 3.64 percent. Contract rates on both purchases of newly built homes and purchases of existing homes climbed during the month. Rates on purchases of… Read More ›
According to the Federal Reserve Board’s third quarter of 2016 release of its Financial Accounts of the United States report, household holdings of real estate, measured on a not seasonally adjusted basis, totaled $22.725 trillion in the third quarter of 2016, $1.520 trillion higher than its level in the third quarter of 2015, $21.204 trillion. At the same time, home mortgage… Read More ›
The Federal Reserve Board reported that consumer credit outstanding continues to grow. However, at a seasonally adjusted annual rate of 5.2 percent over the month of October 2016, growth in consumer credit was 1.9 percentage points slower than its rate, 7.1 percent, in September. There is now $3.73 trillion in outstanding consumer credit. Revolving credit has also contributed to the over consumer credit… Read More ›
Nationally, the contract interest rate on conventional mortgages for home purchase held steady in October 2016. Over the month, the rate on conventional mortgages for home purchase was unchanged at 3.60%, according to data released by the Federal Housing Finance Agency (FHFA). Rates on the purchase of previously occupied homes ticked up 1 basis point to 3.62% while rates on new homes… Read More ›
A recent release by the Federal Reserve Bank of New York indicates that, in aggregate, 90 or more day delinquency rates are falling on most household debt products. However, serious delinquency on student loans remains elevated while a greater portion of auto debt held by households with low credit scores is entering serious delinquency. The results indicate that household balance… Read More ›
Builders and developers continue to report easing credit conditions for acquisition, development, and construction (AD&C) loans according to NAHB’s survey on AD&C Financing. However, the pace of easing slowed somewhat in the third quarter of 2016 from the rate in the second quarter. In the third quarter of 2016, the overall net tightening index based on the AD&C survey was… Read More ›