Housing Data Showing Positive Signs, Mortgage Apps Up 9.7%

Whether prompted by a tiny improvement in mortgage rates or the first stirrings of a spring market, mortgage activity reversed course last week. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application volume, increased 9.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12.0 percent. The Refinance Index gained 8.0 percent during the week ended March 1, trailing the same week in 2023 by 2.0 percent. The refinance share of mortgage activity decreased to 30.2 percent from 31.2 percent the previous week. [refiappschart] The index measuring purchase applications jumped 11,0 percent higher on a seasonally adjusted basis and 13.0 percent before adjustment. The index was 8.0 percent lower than the same week one year ago. [purchaseappschart] "The latest data on inflation was not markedly better nor worse than expected, which was enough to bring mortgage rates down a bit, with the 30-year fixed mortgage rate declining slightly last week to 7.02 percent,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Mortgage applications were up considerably relative to the prior week, which included the President's Day holiday. Of note, purchase volume – particularly for FHA loans – was up strongly, again showing how sensitive the first-time homebuyer segment is to relatively small changes in the direction of rates. Other sources of housing data are showing increases in new listings, which is a real positive for the spring buying season given the lack of for-sale inventory. "

March 6, 2024 Download our Mobile App: Download our Mobile App: Housing News Housing Data Showing Positive Signs, Mortgage Apps Up 9.7% Whether prompted by a tiny improvement in mortgage rates or the first stirrings of a spring market, mortgage activity reversed course last week. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application ... (read more) MBS Commentary Uneventful Gains Despite Apparent Market Movers Uneventful Gains Despite Apparent Market Movers It was an interesting day for the bond market. Yields dropped to the lowest levels in more than 3 weeks amid several apparently valid motivations. ... (read more) Mortgage Rate Watch Mortgage Rates Back Under 7% on Average Conventional 30yr fixed mortgage rates in the high 6 percent range have been available months now, and that didn't change in the past few weeks when rates moved up from longer-term lows. But the high 6 percent range was the exception during thi... (read more) Rob Chrisman DSCR, Non-QM, DPA, Automation, Payoff Products; Conventional Conforming News Here in Southern California, there are plenty of swimming pools and tennis courts, but none of them belong to me. Under the header of, “Why didn’t I think of this?,” enter an address of where you live, or where you’re visiting. (I never enter my actu... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.97% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.97% -0.06 0.00 15 Yr. Fixed 6.47% -0.05 0.00 30 Yr. FHA 6.54% -0.02 0.00 30 Yr. Jumbo 7.29% -0.03 0.00 7/6 SOFR ARM 6.59% -0.13 0.00 30 Yr. VA 6.55% -0.02 0.00 Updates Daily - Last Update: 3/6 15 Yr. Fixed Rate 6.47% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.94% +0.04 0.00 15 Yr. Fixed 6.26% -0.03 0.00 Updates Weekly - Last Update: 2/29 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 99.50 +0.25 Price / Yield Change MBS UMBS 5.5 99.50 +0.25 UMBS 6.0 100.86 +0.25 GNMA 5.5 99.78 +0.23 GNMA 6.0 100.73 +0.19 Pricing as of: 3/6 5:31PM EST 10 Year US Treasury 4.1080 -0.0430 Price / Yield Change US Treasury 2 YR Treasury 4.560 -0.002 5 YR Treasury 4.117 -0.031 7 YR Treasury 4.123 -0.041 10 YR Treasury 4.108 -0.043 30 YR Treasury 4.243 -0.047 Pricing as of: 3/6 5:31PM EST Latest Video Fed Chair Powell: Housing service inflation will come down Job openings little changed in January but quits move higher Powell reinforces position that the Fed is not ready to start cutting inter... The broad movement in interest rates is what matters for the economy, says ... Around the Web prnewswire NYCB Announces Equity Investment CNBC Credit scores decrease for the first time in a decade as more borrowers fall behind on payments CNBC Powell reinforces position that the Fed is not ready to start cutting interest rates Calculated Risk Blog BLS: Job Openings Little Changed at 8.9 million in January Reuters US Treasury to ease rules on COVID aid to boost affordable housing supply - Reuters CNBC Private payrolls rose by 140,000 in February, less than expected, ADP reports Calculated Risk Blog Fed's Beige Book: "Economic activity increased slightly" Calculated Risk Blog Inflation Adjusted House Prices 2.4% Below Peak; Price-to-rent index is 7.3% below recent peak Eye on Housing Decline for Construction Job Openings in January Calculated Risk Blog Fed Chair Powell: Semiannual Monetary Policy Report to the Congress Eye on Housing Single-Family Production Shows Signs of Stirring Across the Nation CNBC 10-year Treasury yield inches higher as investors look to Powell testimony Fannie Mae Fannie Mae Provides Day 1 Certainty; New Enhancement Further Streamlines Mortgage Origination Process for Lenders and Homebuyers

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