The volume of mortgage applications posted the first gain since May 5, aided by lower interest rates and the usual post-holiday week bounce. The Mortgage Bankers Association (MBA) said its Market Composite Index increased 7.2 percent on a seasonally adjusted basis from a week earlier. On an unadjusted basis, the Index increased 18 percent. The Refinance Index rose 6.0 percent week-over-week and was 41.0 percent lower than the same week one year ago. The refinance share of applications was unchanged from 27.3 percent of total applications a week earlier. [refiappschart] The Purchase Index was up a seasonally adjusted 8.0 percent and 17.0 percent before adjustment. It was 27.0 percent lower than the same week in 2022. [purchaseappschart] “Mortgage rates declined for the second straight week, with the 30-year fixed rate decreasing to 6.77 percent. Mortgage applications were up over the week, but remained well below levels from a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Rates that are still more than a percentage point higher than a year ago, and low for-sale inventory continue to constrain homebuying activity in many markets. The average loan size on a purchase loan decreased for the third straight week, as we continue to see more first-time homebuyer activity in the purchase market. Added Kan, “Refinance applications accounted for less than a third of all applications and remained more than 40 percent behind last year’s pace. Elevated rates have reduced the benefit of a rate/term refinance for many borrowers and continue to discourage cash-out refinances as borrowers are unwilling to give up their lower rates.”
| Housing News | | Lower Rates Help Mortgage Application Volume to Recover | | The volume of mortgage applications posted the first gain since May 5, aided by lower interest rates and the usual post-holiday week bounce. The Mortgage Bankers Association (MBA) said its Market Composite Index increased 7.2 percent on a seasonally ... (read more) |
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| 30 Yr. Fixed Rate | | 6.97% -0.01% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.97% | -0.01 | 0.00 | | 15 Yr. Fixed | 6.33% | -0.02 | 0.00 | | 30 Yr. FHA | 6.66% | -0.02 | 0.00 | | 30 Yr. Jumbo | 6.70% | -0.01 | 0.00 | | 5/1 ARM | 6.91% | -0.04 | 0.00 | | 30 Yr. VA | 6.67% | 0.00 | 0.00 | | Updates Daily - Last Update: 6/14 |
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| 15 Yr. Fixed Rate | | 6.33% -0.02% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.71% | -0.08 | 0.00 | | 15 Yr. Fixed | 6.07% | -0.11 | 0.00 | | Updates Weekly - Last Update: 6/8 |
| Rate | Change | Points |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.77% | -0.14 | 0.00 | | 15 Yr. Fixed | 6.25% | 0.00 | 1.05 | | 30 Yr. Jumbo | 6.79% | +0.05 | 0.50 | | Updates Weekly - Last Update: 6/14 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.0 | 98.25 | +0.05 | | UMBS 5.5 | 99.80 | +0.02 | | GNMA 5.0 | 98.48 | +0.03 | | GNMA 5.5 | 99.89 | +0.05 | | Pricing as of: 6/14 5:31PM EST |
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| 10 Year US Treasury | | 3.7980 -0.0290 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 4.699 | +0.022 | | 5 YR Treasury | 4.001 | 0.000 | | 7 YR Treasury | 3.908 | -0.018 | | 10 YR Treasury | 3.798 | -0.029 | | 30 YR Treasury | 3.881 | -0.051 | | Pricing as of: 6/14 5:31PM EST |
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