Mortgage App Volume Posts Another Gain on Rate Drop

Mortgage application activity continued its strong post-holiday performance during the week ended January 12. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased by 10.4 percent on a seasonally adjusted basis from the previous week’s number. The Index had posted a 10 percent gain during the first week of the year, although that number reflected an adjustment to account for the New Year holiday. On an unadjusted basis, the Index rose 26.0 percent. The Refinance Index increased 11.0 percent from the previous week and was 10.0 percent higher than the same week one year ago. Refinancing accounted for 37.5 percent of total applications compared to 38.3 percent the previous week. [refiappschart] The Purchase Index increased 9.0 percent seasonally adjusted and 28.0 percent before adjustment. It remains down 20 percent on an annual basis. [purchaseappschart] “Mortgage rates declined across all loan types as Treasury yields moved lower last week on incoming inflation data, which helped to support a rise in mortgage applications. The 30-year fixed-rate decreased six basis points to 6.75 percent, the lowest rate in three weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Compared to a holiday-adjusted week, both purchase and refinance applications were up, and the increases were heavily driven by the conventional market. Although purchase activity is lagging year-ago levels, refinance applications have improved from their recent low point and have been showing year-over-year gains, albeit at low levels . If rates continue to ease, MBA is cautiously optimistic that home purchases will pick up in the coming months.”

January 17, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage App Volume Posts Another Gain on Rate Drop Mortgage application activity continued its strong post-holiday performance during the week ended January 12. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased by 10.4 p... (read more) Mortgage Rate Watch Mortgage Rates Jump to Highest Levels in More Than a Month Rates have been gradually rising across the board in the past few weeks and mortgage rates are no exception. Yesterday, it was the market responding negatively to comments from Fed's Waller. Today it was a negative response to positive ec... (read more) MBS Commentary Retail Sales Keeping Bonds on The Defensive This week's only major economic report arrived this morning and it wasn't good for bonds. December's retail sales came out at 0.6% versus a median forecast of 0.4%. The series continues a pattern of generally defying predictions. A strong... (read more) Rob Chrisman Hedging, Servicing, Fulfillment, Non-QM Products; Senators, The CFPB, and Navy Federal Today I am in San Diego for the SD CAMP event. At the same latitude, a poll was taken by Texas Governor Greg Abbott's office which asked whether people who live in Texas think illegal immigration is a serious problem. 29 percent of respondents answer... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.88% +0.11% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.88% +0.11 0.00 15 Yr. Fixed 6.15% +0.15 0.00 30 Yr. FHA 6.15% +0.05 0.00 30 Yr. Jumbo 7.10% +0.10 0.00 5/1 ARM 6.25% +0.05 0.00 30 Yr. VA 6.17% +0.08 0.00 Updates Daily - Last Update: 1/17 15 Yr. Fixed Rate 6.15% +0.15% Rate Change Points Freddie Mac 30 Yr. Fixed 6.66% +0.04 0.00 15 Yr. Fixed 5.87% -0.02 0.00 Updates Weekly - Last Update: 1/11 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.81% +0.05 0.61 15 Yr. Fixed 6.41% +0.15 0.55 30 Yr. Jumbo 6.98% +0.12 0.43 Updates Weekly - Last Update: 1/10 MBS / Treasuries UMBS 30YR 5.5 99.73 -0.38 Price / Yield Change MBS UMBS 5.5 99.73 -0.38 UMBS 6.0 101.03 -0.25 GNMA 5.5 100.19 -0.33 GNMA 6.0 101.31 -0.17 Pricing as of: 1/17 5:31PM EST 10 Year US Treasury 4.1110 +0.0570 Price / Yield Change US Treasury 2 YR Treasury 4.361 +0.139 5 YR Treasury 4.034 +0.100 7 YR Treasury 4.083 +0.084 10 YR Treasury 4.111 +0.057 30 YR Treasury 4.318 +0.021 Pricing as of: 1/17 5:31PM EST Latest Video Rates must fall more for home builders and buyers to be confident again, sa... Risk of recession is starting to fade, says Moody's Mark Zandi Retail sales rise 0.6% in December, topping expectations for holiday shoppi... Homebuilder sentiment improves for second straight month Around the Web Federal Reserve Fed's Beige Book: little or no change in economic activity CNBC Even with interest rate cuts, 2024 will be 'a very good year for savers,' expert says how to 'lock in now' Eye on Housing Builder Sentiment Surges on Falling Interest Rates CNBC Retail sales rise 0.6% in December, topping expectations for holiday shopping CNBC Holiday sales climb, boosting retailer hopes that shoppers will spend during uncertain 2024 CFPB CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees CNBC Fed's Christopher Waller advocates moving 'carefully' with rate cuts Calculated Risk Blog 3rd Look at Local Housing Markets in December CNBC Treasury yields edge higher as investors monitor data and Fed comments Calculated Risk Blog Lawler: Early Read on Existing Home Sales in December Calculated Risk Blog Retail Sales Increased 0.6% in December Calculated Risk Blog MBA: "Office properties drove increase" in Q4 Commercial Real Estate Delinquencies Calculated Risk Blog Industrial Production Increased 0.1% in December

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