October 1998

Secondary Market Prices & Yields

and Interest Rates for Home Loans

● Secondary Market Prices/Yields/Interest Rates Press Release

● Net Prices and Average Yields

● Most Frequently Quoted Contract Rates and Yields

● Effective FHA Primary Rates

● FHA Primary Market Rates

● Average Interest Rates on Conventional First Mtgs

● Average Interest Rate for Home Construction Financing

● Trend of Builders' Plans Compared to Previous Month

● Unsold Inventory of New Homes Compared to Previous

Last revised: December 11, 1998

Secondary Market Prices & Yields - October 1998

http://www.hud.gov/fha/comp/rpts/sec/sec98oct.html [11/1/1999 2:24:25 PM]
Secondary Market Report October 1998

Secondary Market Prices and Yields

and Interest Rates for Home Loans

October 1, 1998

News Release

HUD No. 98-580 FOR RELEASE:

L. Richard Keyser (202) 755-7500 x137 October 28, 1998

www.hud.gov/fha/comp/rpts/fharpts.html.

 WASHINGTON - The U.S. Department of Housing and Urban Development today 

released the results of its latest survey of market conditions for fixed rate, 

long-term, level payment home loans as well as interest rates for home construction 

funds. The October 1, 1998, survey found that the most frequently quoted contract 

rate for HUD/FHA Section 203(b) mortgages being sold in the secondary market for 

immediate delivery was 6.50 percent. Typical prices for 6.50 percent contract 

interest rate loans produced a national average secondary market yield of 6.53

percent.

 

 FHA secondary market yields were down in all regions. Changes in secondary 

market yields on the most frequently quoted Section 203(b) contract rate ranged from 

a decrease of 48 basis points in the Middle Atlantic region to a decrease of 52

basis 

points in the West. 

 

 In the FHA primary mortgage market, the average FHA effective rate for all 

reported primary market quotes was 6.70 percent. Lenders reported that the most 

frequent rate being quoted to potential FHA homebuyers for 60 days or more "lock-in" 

commitments was 6.50 percent with an average of 6 basis points and an effective 

interest rate of 6.51 percent. Average basis points for the 6.50 percent primary 

rate were, zero basis points in the Middle Atlantic, 8 basis points in the Southeast, 

zero basis points in the North Central, zero basis points in the Southwest, and 

14 basis points in the West.

 The national average contract rates for commitments on conventional loans 

for new and existing homes in the primary mortgage market went down 22 basis points 

to 6.64 percent in new home loans, and down 27 basis points to 6.65 percent in 

existing home loans. 

 The proportion of HUD offices reporting an adequate supply of construction 

funds on October 1, was 92 percent for FHA and 96 percent for conventional

HUD Secondary Market Prices and Yields September

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financings.

 For the trend of builders' plans, in the latest survey the majority of 

builders remained in the stable building plan category for each home price class. 

The proportion on October 1, was 70 percent for low-priced homes, 79 percent for 

moderate-priced homes, and 74 percent for high-priced homes.

 On October 1, the proportion of HUD Field Offices reporting a stable trend in 

builders' unsold inventory of new homes was 74 percent, while 17 percent noted a 

declining trend and 9 percent an advancing situation. An advancing trend is

indicative 

of a growing inventory of homes, meaning either over-production and/or slower new 

home sales. Conversely, a declining inventory of new homes indicates somewhat of a 

sellers' market, where demand would be relatively stronger than supply. One year ago 

the proportion of offices reporting a stationary trend was 79 percent, a declining 

trend 14 percent, and an advancing trend 7 percent.

# # # #

Date of next release: November 24, 1998

The entire news release and all tables are now available on the Web:

 http://www.hud.gov/fha/comp/rpts/fharpts.html.

HSG/FHA Home Page | Reports Menu | Email Us

Date Last Modified: 10/29/98

HUD Secondary Market Prices and Yields September

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WHAT'S NEW IN MULTIFAMILY?

The whole perspective has changed! If you do business with

HUD on Multifamily Projects and live in the Fort Worth or

Miami areas, plan to attend the "Multifamily Housing -- New

Perspectives Conference", Friday, November 5 or

Wednesday, December 8, respectively. Get your agenda

and register HERE!

PROCESSING MF LOANS FASTER! NEW LINK!

HUD is preparing an accelerated processing system for

certain HUD multifamily loan insurance programs. The

program is called the Multifamily Accelerated Processing

(MAP). Current plans call for it to be operational by May,

2000. Be sure to see the MAP Forums "Key Issues Paper"

and the Notes from MAP Forums (new!)

National Partners in Homeownership

Housing on the Move!! - October 25,1999

Neighborhood Networks

Office of Housing Home Page

http://www.hud.gov/fha/fhahome.html [11/1/1999 2:25:25 PM]
Mortgage Lending Activity

Secondary Market Reports

Housing Commisioner's Reports

Survivorship/Decrement Tables

HMDA Reporting, Getting IT Right!

Got an FHA Reports Question?

Crosscutting Housing

Reports

● 1997 Housing/FHA Report

● 1996 Housing/FHA Report

● 1995 Housing/FHA Report

● 1994 Housing/FHA Report

● 1994 FHA Annual Management Report

● 1997 Housing/FHA Management Plan

● Insured Multifamily Mortgages

Independent Audit and FHA's Financial

Health

● 

Last revised: September 22, 1998

HUD FHA Audit Housing Management and Annual Reports

http://www.hud.gov/fha/comp/rpts/fharpts.html [11/1/1999 2:25:32 PM]
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Secondary Market Report October 1998

TABLE 1

Net Prices and Average Yields for HUD-Insured

New Home Mortgages (Section 203) Immediate Delivery

Transactions 30-year Maturity - Minimum Downpayment

 6.50% 7.00% 

 Mortgages Mortgages 

 Oct'98 Sep'98 

 

 Average Average Average Average 

 Price Yield 1/ Price Yield 1/ 

 ------ ------ ------ ------

Northeast * * $ 99.82 7.02%

Middle Atlantic $ 98.75 6.63% $ 99.20 7.11%

Southeast $100.04 6.50% $100.05 6.99%

North Central $100.08 6.49% $ 99.99 7.00%

Southwest $100.00 6.50% $100.00 7.00%

West $ 99.68 6.54% $ 99.52 7.06%

 

United States $ 99.78 6.53% $ 99.75 7.03%

 

 

1/-Gross yield to investors, without allowance for 

 servicing costs based on prepayment of the mortgage 

 at the end of 12 years. 

 

* Dominant rate not quoted by respondents in region. 

 

 United States 

 ----------------------------------------------------- 

 Price Yield Mtg. Rate 

 ---- $ ---- ---- % ---- ---- % ---- 

1984 High/Low 97.60/95.00 15.00/12.90 14.00/13.00

1985 High/Low 98.30/95.50 13.43/11.28 13.00/10.50

1986 High/Low 99.40/96.22 10.78/ 9.26 10.50/ 9.50

1987 High/Low 98.54/95.42 11.22/ 8.79 10.50/ 8.50

HUD Secondary Market Prices and Yields October 1998

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1988 High/Low 99.49/96.99 10.84/ 9.86 10.50/ 9.50

1989 High/Low 99.65/97.01 11.16/ 9.61 11.00/ 9.50

1990 High/Low 99.25/97.94 10.75/ 9.71 10.50/ 9.50

1991 High/Low 99.57/98.53 9.71/ 8.69 9.50/ 8.50

1992 High/Low 99.60/97.54 8.85/ 8.06 8.50/ 8.00

1993 High/Low 99.95/99.13 8.12/ 7.02 8.00/ 7.00

1994 High/Low 99.88/98.44 9.53/ 7.05 9.50/ 7.00 

1995 High/Low 99.97/99.18 9.54/ 7.51 9.50/ 7.50 

1996 High/Low 100.00/99.14 8.58/ 7.11 8.50/ 7.00 

1997 High/Low 99.91/99.20 8.56/ 7.51 8.50/ 7.50 

Data as of: October 1, 1998 HQE: 10-26-98

HSG/FHA Home Page | Reports Menu | Email Us

Date Last Modified: 10/26/98

HUD Secondary Market Prices and Yields October 1998

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Secondary Market Report October 1998

TABLE 2

Most Frequently Quoted Contract Rates and Yields

for FHA Mortgages Sold in the Secondary Market

 

============================================================================================

 Contract Average Contract 

Average

 Year Rate Yield 1/ Year Rate Yield

1/

-------- -------- -------- --------- ------ 

--------

1993 Jan 8.00% 8.12% 1996 Jan 7.50% 7.52%

 Feb 8.00% 8.04% Feb 7.00% 7.11%

 Mar 7.50% 7.55% Mar 7.50% 7.57%

 Apr 7.50% 7.50% Apr 8.00% 8.09%

 May 7.50% 7.50% May 8.50% 8.52%

 Jun 7.50% 7.50% Jun 8.50% 8.57%

 Jul 7.50% 7.50% Jul 8.50% 8.55%

 Aug 7.50% 7.50% Aug 8.50% 8.56%

 Sep 7.00% 7.00% Sep 8.50% 8.58%

 Oct 7.00% 7.00% Oct 8.50% 8.56%

 Nov 7.00% 7.00% Nov 8.00% 8.00%

 Dec 7.50% 7.51% Dec 8.00% 8.14%

 

1994 Jan 7.50% 7.52% 1997 Jan 8.00% 8.06%

 Feb 7.00% 7.00% Feb 8.00% 8.06%

 Mar 7.50% 7.50% Mar 8.00% 8.08%

 Apr 8.50% 8.50% Apr 8.50% 8.55%

 May 8.50% 8.50% May 8.50% 8.56%

 Jun 8.50% 8.50% Jun 8.00% 8.05%

 Jul 9.00% 9.00% Jul 8.00% 8.02%

 Aug 8.50% 8.50% Aug 7.50% 7.61%

 Sep 2/ 8.50% 8.50% Sep 8.00% 8.02%

 Sep 2/ 9.00% 9.03% Oct 7.50% 7.52%

 Oct 9.00% 9.10% Nov 7.50% 7.53%

 Nov 9.00% 9.23% Dec 7.50% 7.51%

 Dec 9.50% 9.53% 

 

1995 Jan 9.50% 9.54% 1998 Jan 7.00% 7.17%

 Feb 9.00% 9.10% Feb 7.00% 7.08%

 Mar 9.00% 9.05% Mar 7.00% 7.06%

 Apr 8.50% 8.60% Apr 7.00% 7.09%

 May 8.50% 8.56% May 7.25% 7.37%

 Jun 8.00% 8.03% Jun 7.00% 7.07%

HUD Secondary Market Prices and Yields October

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 Jul 8.00% 8.00% Jul 7.00% 7.07%

 Aug 8.00% 8.09% Aug 7.00% 7.05%

 Sep 8.00% 8.03% Sep 7.00% 7.03%

 Oct 8.00% 8.03% Oct 6.50% 6.53%

 Nov 7.50% 7.61% 

 Dec 7.50% 7.51% 

1/-Gross yield to investors, without allowance for servicing costs 

 based on prepayment of the mortgage at the end of 12 years. 

2/-The September 1, 1994 survey found two rates reported with equal 

 frequency, evenly balanced between 8.50 and 9.00 percent. 

 Data as of: October 1, 1998 HQE: 

10-26-98

HSG/FHA Home Page | Reports Menu | Email Us Date Last Modified: 10/05/98

HUD Secondary Market Prices and Yields October

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Secondary Market Report October 1998

TABLE 3

Effective FHA Primary Rates

 

 "Dominant" Contract Rate 

 -----------------------

 Oct'98 Sep'98 Oct'97

 ------ ------ ------

United States 6.50% 7.00% 7.50%

 

 Average Points 

 -------------------- 

Northeast * 1.00 0.00 

Middle Atlantic 0.00 0.00 0.70 

Southeast 0.08 0.00 0.17 

North Central 0.00 0.08 0.00 

Southwest 0.00 0.00 0.00 

West 0.14 0.13 0.17 

 

United States 0.06 0.12 0.18 

 

 Effective Rate 

 --------------------- 

Northeast * 7.27% 7.50%

Middle Atlantic 6.50% 7.00% 7.60%

Southeast 6.51% 7.00% 7.52%

North Central 6.50% 7.01% 7.50%

Southwest 6.50% 7.00% 7.50%

West 6.52% 7.02% 7.52%

 

United States 6.51% 7.02% 7.52%

HUD Secondary Market Prices and Yields October

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 Data as of: October 1, 1998 HQE: 10-26-98

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Date Last Modified: 10/26/98

HUD Secondary Market Prices and Yields October

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Secondary Market Report October 1998

TABLE 4

FHA Primary Market Rates

 

 Oct 1, 1998 

 Percentage of 

 Field Offices Contract Average Effective

 Reporting Rate Points Rate

 ------------- -------- ------- ---------

Most Active Quote 49% 6.50% 0.06 6.51%

Second Most Popular Quote 16% 7.00% 0.06 7.01%

Third Most Popular Quote 15% 6.75% 0.38 6.80%

All Others 20% N/A N/A N/A 

 

U.S. Average Rate 100% 6.67% 0.25 6.70% 

 Sep 1, 1998 

 Percentage of 

 Field Offices Contract Average Effective

 Reporting Rate Points Rate

 ------------- -------- ------- ---------

Most Active Quote 51% 7.00% 0.12 7.02% 

Second Most Popular Quote 11% 7.50% 0.25 7.53% 

Third Most Popular Quote 9% 6.75% 0.35 6.80% 

All Others 29% N/A N/A N/A 

 

U.S. Average Rate 100% 7.02% 0.22 7.05%

 Aug 1, 1998 

 Percentage of 

 Field Offices Contract Average Effective

 Reporting Rate Points Rate

 ------------- -------- ------- ---------

Most Active Quote 38% 7.00% 0.24 7.03%

HUD Secondary Market Prices and Yields October

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Second Most Popular Quote 23% 7.25% 0.04 7.23%

Third Most Popular Quote 17% 7.50% 0.17 7.52%

All Others 22% N/A N/A N/A

 

U.S. Average Rate 100% 7.18% 0.28 7.22%

 

Data as of: October 1, 1998 HQE: 10-26-98

HSG/FHA Home Page | Reports Menu | Email Us

Date Last Modified: 10/26/98

HUD Secondary Market Prices and Yields October

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Secondary Market Report October 1998

TABLE 5

Average Interest Rates on Conventional First Mortgages

 New Home Loans Existing Home Loans 

 ---------------------- ------ ------ ------

 Oct'98 Sep'98 Oct'97 Oct'98 Sep'98 Oct'97

 ------ ------ ------ ------ ------ ------

Northeast 6.84% 6.89% 7.65% 6.84% 6.89% 7.65%

Middle Atlantic 6.83% 7.00% 7.34% 6.83% 7.00% 7.34%

Southeast 6.64% 6.88% 7.45% 6.65% 6.88% 7.45%

North Central 6.64% 6.91% 7.59% 6.67% 6.94% 7.58%

Southwest 6.55% 6.71% 7.53% 6.59% 6.94% 7.53%

West 6.57% 6.92% 7.49% 6.58% 6.90% 7.52%

 

United States 6.64% 6.86% 7.51% 6.65% 6.92% 7.51%

 United States Average 

 ----------------------------------- 

 New Existing 

 Home Loans Home Loans 

 ----------- ----------- 

1984 High/Low 14.65/13.20 14.67/13.21 

1985 High/Low 13.26/11.56 13.28/11.58 

1986 High/Low 11.03/ 9.47 11.03/ 9.47 

1987 High/Low 10.84/ 9.04 10.87/ 9.04 

1988 High/Low 10.55/ 9.80 10.56/ 9.81 

1989 High/Low 10.93/ 9.70 10.95/ 9.69 

1990 High/Low 10.46/ 9.75 10.48/ 9.76 

1991 High/Low 9.66/ 8.67 9.65/ 8.66 

1992 High/Low 8.91/ 7.95 8.92/ 7.95 

1993 High/Low 8.19/ 6.89 8.19/ 6.89 

1994 High/Low 9.34/ 7.13 9.34/ 7.13 

1995 High/Low 9.32/ 7.46 9.33/ 7.46 

1996 High/Low 8.67/ 7.73 8.65/ 7.73 

1997 High/Low 8.25/ 7.38 8.25/ 7.39 

HUD Secondary Market Prices and Yields October

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Data as of: October 1, 1998 HQE: 10-26-98

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Date Last Modified: 10/26/98

_

HUD Secondary Market Prices and Yields October

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Secondary Market Report October 1998

TABLE 6

Average Interest Rate for Home Construction Financing

 HUD/FHA * CONVENTIONAL 

 --------------------- ----------------------

 Oct'98 Sep'98 Oct'97 Oct'98 Sep'98 Oct'97

 ------ ------ ------ ------ ------ ------

Northeast 8.08% 7.82% 8.21% 8.42% 7.67% 8.29%

Middle Atlantic 7.32% 7.58% 7.84% 7.07% 7.25% 7.77%

Southeast 8.38% 8.26% 8.91% 8.70% 8.36% 9.02%

North Central 7.81% 7.92% 8.27% 7.84% 8.01% 8.18%

Southwest 7.39% 7.98% 8.93% 7.24% 7.95% 8.63%

West 8.30% 8.44% 9.07% 8.33% 8.40% 9.16%

 

United States 7.92% 8.04% 8.59% 7.97% 8.07% 8.59%

 

 

* Type of financing planned for permanent loans. 

*******************************************************************************************

TABLE 7

National Percent of HUD Offices Reporting Adequate Construction Funds Available for

Homes

 

 Oct'98 Sep'98 Oct '97 

 ------ ------ ------- 

FHA-Insured 92% 94% 98% 

Conventional 96% 98% 98% 

 

These data are not based on actual transactions. They are 

compiled from the best information available to HUD Field

Offices throughout the US. 

Data as of: October 1, 1998 HQE: 10-26-98

HUD Secondary Market Prices and Yields October 1998

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http://www.hud.gov/fha/comp/rpts/sec/9810/2m9810t8.html (3 of 4) [11/1/1999 2:26:23 PM]
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http://www.hud.gov/fha/comp/rpts/sec/9810/2m9810t8.html

http://www.hud.gov/fha/comp/rpts/sec/9810/2m9810t8.html (4 of 4) [11/1/1999 2:26:23 PM]
Secondary Market Report October 1998

TABLE 9

Unsold Inventory of New Homes Compared

to Previous Month

(Percent of Field Offices Reporting)

 Oct'98 Oct'97

 ------ ------

 Declining 17% 14%

 Stationary 74% 79%

 Advancing 9% 7%

 

 Total 100% 100%

 Sep'98 Sep'97

 ------ ------

 Declining 23% 14%

 Stationary 73% 83%

 Advancing 4% 3%

 

 Total 100% 100%

 Aug'98 Aug'97

 ------ ------

 Declining 20% 8%

 Stationary 74% 90%

 Advancing 6% 2%

 

 Total 100% 100%

 Percentage Point Difference 

 Aug'98- Aug'97-

 Oct'98 Oct'97

 ------- -------

 Declining -3% 6%

 Stationary 0% -11%

 Advancing 4% 5%

HUD Secondary Market Prices and Yields October 1998

http://www.hud.gov/fha/comp/rpts/sec/9810/2m9810t9.html (1 of 2) [11/1/1999 2:26:24 PM]
 

Data as of: October 1, 1998 HQE: 10-26-98

HSG/FHA Home Page | Reports Menu | Email Us Date Last Modified: 10/26/98

HUD Secondary Market Prices and Yields October 1998

http://www.hud.gov/fha/comp/rpts/sec/9810/2m9810t9.html (2 of 2) [11/1/1999 2:26:24 PM]