Vladimír Urbánek (Kurzy.cz)
Markets  |  December 27, 2012 16:01:55

In the U.S. this year issued mortgage bonds 1.72 trillion, the most since 2009

According to Bloomberg statistics this year in the U.S. have issued mortgage bonds guaranteed by the State in a total volume of 1.72 trillion compared to $ 1.22 trillion last year. This year's volume is the highest since 2009 and nearly double the estimates of the U.S. Mortgage Bankers Association (MBA) taken in this regard, in November of 2011 - MBA for 202 then estimated decrease of 25% to about 900 mld.USD. For the next year is estimated to decline in the volume of newly issued bonds with government guarantee to 1.65 trillion USD.

MBA for this year estimated overall annual growth in the volume of new mortgages by 21.6% to 1.75 trillion USD. At the same time of the refinancing volume falls 1.25 trillion.
For the next year MBA estimates drop to 1.41 trillion, while about 818 mld.USD should accrue to refinance earlier loans.
Government mortgage rescue agencies within the HARP refinancing program this year for the first 10 months a total of 791,000 loans compared to 400,000 for the full year 2011.

The volume of newly issued "unsecured" mortgage bonds this year to 3.5 mld.USD quintupled. For comparison, at the height of the real estate boom in 2005/6, this volume moved at 1.2 trillion USD.

The total volume of mortgage bonds in the U.S. market now stands at 5.2 trillion USD. Largest purchaser of this year was U.S. Fed, which has strengthened its portfolio in this sense by 500 mld.USD.

U.S. government-guaranteed mortgage bonds this year, on average, earned their holders 2.5%, which exceeded the average yield of similar government bonds by about 1.3 percentage points. In 2011, these bonds carried 6.1 percent appreciation, which was 0.8% less than similar government bonds.

Government-guaranteed mortgage bonds guaranteed by subprime mortgages issued before the market collapse in 2007, this year brought their holders 40.5% compared with a loss of 5.5% last year. The high improvement is mainly due to rising house prices and soothe European debt crisis and steps the Fed to support riskier assets.

Average 30-year mortgage interest rates later this year vyklesalo from 3.95% at the beginning of the year to 3.31 in November or 3.37% at the end of December.
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